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Roman Villa With Caravaggio’s Only Ceiling Painting Fails To Sell At Auction For Third Time

PrR by PrR
2022-06-30
in Selling a Home
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Topline

The Roman villa known for being home to Caravaggio’s only known ceiling painting—which is at the heart of an inheritance battle among one of Italy’s oldest noble families—failed to sell for the third time at a court-ordered auction Thursday.

The villa containing the only known ceiling painted by Caravaggio failed to sell for a third time … [+] Thursday.

ASSOCIATED PRESS

Key Facts

Casino di Villa Boncompagni Ludovisi—better known as Villa Aurora—did not receive any bids Thursday at an auction held on the Italian courts’ online platform for selling impounded and disputed property.

The asking price was $314.3 million, although the online platform would have accepted bids as low as $235.6 million for the 32,000-square-foot villa and surrounding property, located just south of Rome’s Borghese Gardens.

The villa’s current resident, Texas-born Princess Rita Boncompagni Ludovisi, told Forbes Thursday that she wasn’t surprised the villa received no bids because the sale isn’t being handled correctly, “like Christie’s or Sotheby’s would.”

The sale wasn’t properly advertised to potential customers with the resources to purchase such a property, the princess said. (Last year, she told Forbes it would take “not just a millionaire–a billionaire” to purchase and restore the historic property.)

Selling such a valuable piece of real estate online has also drawn questions, and Rutgers University classics professor T. Corey Brennan, who has spent years researching the property and digitizing its vast archives, compared the auctions to “selling Monticello on eBay” in April.

The next auction has been scheduled for October, the princess told Forbes.

“Jupiter, Neptune and Pluto,” which Caravaggio completed in his early 20s, is the only known ceiling … [+] painting by the artist.

ASSOCIATED PRESS

Key Background

The villa went up for sale last year on the orders of an Italian judge to settle an inheritance dispute between the princess and her three estranged adult stepsons, which began when the princess’ husband, Prince Nicolò Boncompagni Ludovisi, died in 2018. Under the judge’s orders, the proceeds from a sale will be split in half between the princess and Nicolò’s sons. The property is what’s left of a 86.9-acre estate that was first purchased by Boncompagni Ludovisi’s ancestors 400 years ago. The villa was originally valued by the courts as being worth roughly $546 million, which would have made it the most expensive home ever sold, with the Caravaggio mural “Jupiter, Neptune and Pluto” appraised at being worth $360 million alone. Each time the property failed to sell at auction, the starting price was slashed by about 20%.

Further Reading

Roman Villa With Caravaggio’s Only Ceiling Painting Secures No Bids At Auction – Again (Forbes)

Meet The Texas-Born Italian Princess Who’s Selling A $532 Million Roman Villa With A Caravaggio Ceiling (Forbes)

Roman Villa With Caravaggio’s Only Ceiling Painting Fails To Sell At Auction (Forbes)

Roman Villa Home To Caravaggio’s Only Known Ceiling Painting Expected To Fetch $546 Million (Forbes)



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