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Charming Villa Near Cortona

€1,650,000 $1,798,500
$
Location 52044 Cortona, Province of Arezzo, Italy

Ref #: V2570TS

ITALY, TUSCANY, AREZZO, CORTONA

400 year old masterfully restored building. The residence is nestled in privacy and security in the midst of vineyards and olive groves on the slopes of the hills in a glorious Tuscany landscape. This setting is fit for a painting by one of the venerable old masters of the arts.

Here in the countryside of Tuscany the air is clean and healthy and a gentle breeze brings refreshing coolness in the summer, whereas the house lies protected from cold winter storms.
The village of Cortona is renowned for its cultural highlights and the University of Athens (Georgia, USA) has run summer courses in art and architecture for a number of years and the Wettingen High School organizes Italian courses for German speaking Swiss. Many art shows, conferences and meetings take place in Cortona. Therefore, many American families live here during the summer while their youngsters attend the University.
Prominent family names like the “Angellis”, “Beretta”, “Ponti”, “Prada” and many others live in the environs of Cortona, which dates back to Etruscan times.
The airports of Florence, Pisa, Perugia and Rome can be reached within 1 to 2 hours on a 4-lane highway, only a 15 minute drive away. From Rome you connect easily to all important European airports within an hour’s flight. First class dining and exclusive shopping are found in Milan, Florence, Rome and Siena, which can all be reached within less than a 2 hour drive, although the surrounding country side offers fantastic opportunities to sample the world famous Tuscany kitchen. Splendid hotels and pensions are close by to accommodate any overflow of visitors.
This is truly a unique and extraordinary property which remains a hidden secret. The knowledgeable connoisseur who has high demands will feel at home in this glorious residence.

History
Several years ago the present owners discovered this forgotten jewel hidden away in the hills of Tuscany. The area is pregnant with cultural highlights, history and local folklore. The owners fell in love with the setting and generated a vision for this overgrown, yet promising property. Architects and workmen were gathered to advise and consult to turn the vision of the proud owners into reality and revive this historical building to beauty which it has never exposed in its 400 year history. The medieval character had to be maintained, yet the owners did not compromise on state of the art technology that was to be integrated in their dream home. Modem conveniences
and stylish ambiance were combined in a harmonious symbiosis. After the building crews had left the restored buildings, the owners, geniuses of decoration, proceeded to work on the interior design. During many years of travelling the world, priceless pieces of art and antiques bad been collected by the owners and are now anever ending source of admiration within these ancient walls.
In medieval rural Italy building sites were chosen according to special land features, sweeping views, water abundance or good energy flows. The site of this property transmits peace of the mind and the soul. Colours, sounds and rooms blend info a symphony of relaxation. Time seems to stand still. Here you are in world of its own.

Privacy and Security
The owners took utmost care to preserve privacy and security of the home. All windows and doors are unbreakable security glass and the European copy proof security system “DOM” has been installed in all outside doors for the owners’ convenience. An alarm system is also in place and sensor lights illuminate the property upon the slightest movement. The narrow private country lane leads to the secluded home in this peaceful setting without any direct neighbours. A huge, massive, hand-forged wrought iron 14 feet high entrance gate leads first to the charming front patio with interlocking stones, a magnificent, monstrous azalea with a million blossoms and a garden swing overlooking the valley and the surrounding hills. A heavy brass bell with a pulling chain serves as doorbell.

The Home’s Interior
Soft yellows and earthen tones are the backdrop for the incredible art and antique collection. The furniture, art and antiques are valuable, precious pieces, from original paintings, unique antiques to the Christoffle silverware from France. The stunning centerpiece in one living room is an original “Louis XVI Bureau Plat” to which also belongs the original light fixture and an authentic Italian secretaire with masterfully crafted inlay work. Adding greatly to the comfort and atmosphere of the residence are Tibetan and Persian carpets, Italian Crystal Murano glass chandeliers, candelabras, a huge Venetian mirror and baroque mirrors. Further highlight of the exquisite treasures in the house is porcelain, custom made by “Limoges” to match the octagonal dining room fable. The dining room furniture set was hand crafted by a Milanese carpenter and is inlaid with ivory. The dining room china cabinet holds the Russian “Flora Danica”, which was a gift from the Royal family to the last Russian Czar. There is more precious bone china by “KPM” and “Meissen”, lead crystal carafes, vials and old English miniatures. In the upstairs library you find beautiful original paintings and even Napoleon Bonapart’s campaigning clock is amongst the treasures.
All windows are adorned with designer silk sheers and curtains. The floors, which were still salvageable, were lovingly restored and generate this comfortable country flair paired with elegance. Where the floors had to be renewed with modem materials, in-floor heat was installed with heavy clay tiles as flooring material. Some of the ancient beams and ceilings had to be replaced. Here only antique materials were gathered to keep the historical ambiance of the home alive. The hallway to the upper
floor still features the old clay bricks of the original building.

A Tour through the Rooms
The entry hall features a wood burning fireplace and a loveseat in front of it. To your left is a lovely antique console and one of the gold plated baroque mirrors. Off the entrance hall there is a closet-foyer with room-high closets and a full bathroom is to the left. The bathroom features wonderfully crafted tiles, the faucets are gold plated, there is a built-in medicine cabinet and a warmed towel rack. All colors blend tastefully into each other.
Passing through the foyer you enter one of the sitting rooms and this room is dominated by precious Louis XVI furniture and several original paintings as well as china dating back to the Ming Dynasty. In-floor beat and a huge Tibetan Carpet create a comfortable atmosphere. A French door leads outside to the front garden and you listen to the calming sounds of the fountain placed in the flower beds.
Past the sitting room you enter the open design kitchen-dining room area decorated with a stunning set of furniture. All the precious china, crystal and silver are kept on display in these masterpieces of elegant design. Table, Tibetan Carpet, china, down to the place mats, all these accessories are shaped octagonal. A heavy glass door opens up to the front garden again and the sound of the fountain. The kitchen features all modem appliances and there is also a handy pantry off the kitchen. The chef or chefs of the house will just love this arrangement. Here the gourmet’ s mind can become creative and after the delicious smells of the kitchen waft through the dining room… what a setting to spoil your guests.

From the sitting room an arched natural stone stairway with historical brick ceiling leads to the rooms on the first floor. When you reach the landing, there is a bathroom to the right with double sinks, bidet, toilet and a large corner shower. Like all bathrooms in the house, beautiful tiles decorate the walls, the faucets are gold plated and there is also a warmed rack for the fluffy, soft towels. To the left you enter the magnificent living room library with an enormous open wood fireplace with an authentic iron hearth plate. Comfortable lounge chairs, a loveseat and a fantastic display of precious antiques and paintings round up this delightful room. Here the medieval stone flags could be restored to their ancient glory and are partially covered by Tibetan Carpets. From this room you have enchanting views over the valley and hear the gurgling of the fountain and the song of the nightingales and various other birds. From this central room you enter the guest room which is lovingly decorated and further the dressing room with room-high built-in closets. “Him” and “Her” will find plenty of space for an extensive wardrobe. All closets are superbly organized. The floor is covered by a magnificent Persian carpet with motives telling an ancient story.
. .. and then there is the master bedroom. This enormous room with its vaulted ceiling has an unbelievable romantic flair about it. A glass door leads you to the terrace, which is covered with wisteria and once you rest on this terrace an atmosphere of total relaxation and peace will overcome you. This is the environment to spend time with a coffee or snuggle down with a book or spend some quality time with a special person. A small loft above the bedroom makes for a perfect library. In this room you also find a historical basin which was used by its medieval inhabitants as a basin for holy water. The floor in the master bedroom was beyond restoration, so a lovely hardwood floor was laid, with Tibetan carpets for accents. Beautiful treasures adorn this room to give it that special romantic flair. The room accommodates a king size bed and a generous sitting area. (14’8″ x 22′ 4″). Attached to the main building is a guest cottage with a bathroom which is just as splendidly outfitted as the other bathrooms in the residence. There is a further addition to the building presently housing a studio, and an adjacent room, which could be another guest room. Both, the guest cottage and the studio have separate entrances. A big double glass door leads into the shop and utility room which are both fully furnished and immaculate. Even the two rooms blend in with the color theme of the entire residence.

The Grounds
The grounds and garden of this medieval property are something to behold! The present owners turned their dreams into reality and created individual environmental islands in an ocean of green. When you enter the property through the impressive wrought iron gate, you enter a little yard, with turpentine trees, oleander beds, interlocking stone work, an enormous day pot with a fantastic azalea, bordered by an ancient stone wall. A comfortable garden swing invites you for a rest and to enjoy a sweeping view across the valley with its vineyards and olive groves.
Past this “island” you enter the front yard of the residence in which hundreds of years old wisteria meander all over the front of the house and give it this fascinating romantic appeal. To your right among the flower beds is the 5 tier fountain that dominates the sound background of this “island”. The calming effect of the gently gurgling water and the songs of the birds is amazing. With the doors and windows open, this natural music can be heard in all front rooms of the house. Placed among the greenery are traditional lanterns which you would find in the medieval cities of Europe and add to the romantic flair of the residence. Past the front yard to your right you will see the ancient stone table and benches where the medieval inhabitants used to take their evening meals in the shadows of the shrubs. Today designer cushions ease the archaic stone benches and make it a pleasure to gather around the table. Next to the ancient refuge is a small pond and along the garden trail you see almost life sized bronze statues. To the left of the house is a tiled patio with a table and chairs and from here a small pathway leads over century old worn stone steps through a bamboo grove and you have the feeling you are entering another world. The grove opens up to one of the terraces in the garden with a gazebo and a large 2 person day bed. Here you can enjoy a relaxing afternoon for a siesta or just listen to the sounds of the birds and the breeze rustling in the trees. On the terrace behind you there are trellises of vines which grow so plentiful that you can have your own wine produced by one of the farmers in the surrounding area.
There are also many olive trees. These trees produce the most fantastic extra virgin olive oil, which a true connoisseur will appreciate. From the stone refuge another trail leads along an ancient obelisk which was once used as a sun dial, past a frog pond, teeming with life, into the depth of the grounds. At the end of a lawn there is a wrought iron bench under the bamboo trees. Sit down and let the eye rove over the grounds and the residence in the distance. Just another enchanting island in this green ocean.
The gardens closer to the home are all connected by stone tiled trails and the grounds further up the terraces and the valley are accessible by a network of carefully laid out grass and gravel trails. You can wander up into the olive groves and along the creek (not year round) which meanders through the property. You will still be on your own land and in total privacy.

The report on this amazing residence does not claim to cover all detail. There are so many fascinating aspects to this property and it should remain an adventure for a prospective buyer to explore this architectural treasure.

PURCHASE PRICE: includes ALL FURNITURE, PAINTINGS, CHINA, ANTIQUE COLLECTION AND CARPETS.

Property Size: Approximately 1.3 hectares
Home Size: Approximately 371 sqm
Water: 2 wells (drinking quality)
Taxes: Approximately € 250,– per year
Heating: Propane, 1200 gallon tank (5000 litres), secure
underground installation, (hot water and in-floor heat).
Propane cost approximately . € 3000,– per year. Also electric radiators.
Road Maintenance: Free
Housekeepers: Available (English, German and Italian speaking)
Septic: Bio degradable
Shopping: 10 Minutes away
Major Hospital: 15 Km
Equestrian Facilities: 3 Minutes, 30 horses
Water Sports: 20 Minutes to Lake Trasimeno
Golf: 20 Minutes away
International Airport: Rome (approximately 2 hours)
Florence (approximately 1.5 hours)

Address: 52044 Cortona, Province of Arezzo, Italy

Location type: Rural

Condition: Restored

Bedrooms: 4

Bathrooms: 3

Property size: 371 sqm

Land size: 1.3 hectares

Olives
Vines
Features
Character property
furnished
Garden
Parking
pond
stream
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FAQs

What is a notary?

A notary is a qualified lawyer who is employed by the Italian government. When you are buying Italian property, it is a notary who conducts the legal transfer of a property from vendor to buyer, and prepares the deed of sale, checks there are no charges on the property, title issues and with the assistance of a technician such as a geometra or architect, checks the property conforms to all planning issues.

It is always the buyer and not the vendor who pays the purchase taxes due and who pays the notary fees also. This means that it is up to the buyer which notary is used. In practice it is usually one of the local notaries and we can recommend which one to use and which one is cheapest, as notary prices do vary.

We provide a detailed list of all fees and taxes (including the notary’s quote) before you sign any contracts.

Translator – if you do not speak fluent, enough to understand detailed legal contracts, you will need to have a translator at the notary deed. Your agent or the notary will usually arrange this so you don’t need to worry about it. The cost varies but is often 200-300 euros. This can sometimes be shared with the vendor if they are also non fluent in Italian.

What taxes are payable for a property purchase in Italy?

This depends firstly on two things.
A. Are you buying as a resident or a non resident?
B. Are you buying from private individuals or from a company?

If you are buying from private individuals, then the taxes you pay are based on the cadastral value – a nominal value which each property has and which depends on its size, location, standard etc – nothing to do with the market value.

Example 1:
House price agreed €100,000.
Property belongs to private sellers.
Cadastral value of the property €32,000.

Let’s say you intend buying the house as a non resident (.ie. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 9% on cadastral value €32,000 so €2,880 plus a few smaller fixed taxes.

Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy;
Taxes payable are 2% on cadastral value €32,000 so €640 plus a few smaller fixed taxes. A minimum figure may be payable.

Please note, you could buy the house as a resident and pay the lower rate of tax if you intend moving there and obtaining residency within the next 18 months. Don’t be tempted to do this unless you are definitely sure you will become a resident. If you then do not, you need to pay the difference in taxes plus a penalty of around 30%.

If there is substantial land (not just a garden) with the property, then 15% is payable on the value attributed to the land, which can be quite low, eg a value of €15,000 could be attributed to the land so 15% of 15,000 = €2,250 would be the tax on the land.

Example 2:
House price €100,000
Property is being sold by a company
Cadastral value of the property is €32,000

Let’s say you intend buying the house as a non resident (i.e. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 10% VAT on full market price €100,000 so €10,000 plus a few smaller fixed taxes.

Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy,
Taxes payable are 4% VAT on €100,000 so €4,000 plus a few smaller fixed taxes.

Once we know
– which house you want to buy, its cadastral value and who owns it (company/individual)
– whether you intend to buy as a resident/non resident and if it’s your first property in Italy

only then can we ask the notary to provide a quote for the precise taxes payable.

Other circumstances

Then of course there are other scenarios.

If the value of the property you want to buy is very low (eg €50,000) then purchase costs are likely to be a higher percentage as there are set minimums to pay for all fees and taxes. So on a €50,000 house, you are likely to pay 12-15% instead of 10% (non resident).

You might want to buy a property (being sold by private individuals) with your company. Taxes are considerably higher in this case, as they would be 9% on the sale price (not on the cadastral value). So it’s cheaper to buy a privately owned property as a private individual, not as a company.

But, in the case of a country property which is a farm/winery/agriturismo, these are often owned by a farming company (azienda agricola) , which has considerable tax advantages as you can buy the farm and pay just 0-1% (depending on the circumstances) on the purchase price in tax.

If you buy directly an existing farm (ie a farming company with no other assets within the company), you just pay the fees for buying the shares in a company – ie an accountant, a notary and some small fixed taxes.
If you set up a farming company (the property must have all the requisites to be a farm) with a board of directors and an IAP (professional farmer) to buy the property and land you pay 1% on the sale price.
In both cases above, you are buying as a company so being a resident or non resident doesn’t come into it, you are not buying as a physical person.
So buying an existing farm, or setting one up, has tax advantages, compared to buying a property, especially as a non resident. However there are of course costs involved in running the company, so it’s best to seek the advice of an Italian accountant.

Taxes would be different for a commercial purchase, eg if your company is buying an Italian company (ie a farm or other company). Buying the shares of a company usually meets zero taxes, just a few fixed fees, and notary and accountancy fees.

The above is a guide, and once you have found a property you are interested in buying, we can obtain a notary quote for you, with a full breakdown of the taxes and fees due.

What other purchase costs are there?

Notary fees – approx 1-2%, more for a lower priced property due to some fixed taxes.

Agency fees – in Italy both buyer and seller pay the agent. These are payable to the Italian agent  (one of our partners) you view the house with at compromesso (preliminary contract) stage and for each party are usually 3% plus VAT. VAT is 22% in Italy. Minimums apply. Nothing is payable to Casa Tuscany so you will not pay double the fees, you will just have double the assistance!

Compromesso registration fees – approx €380 plus a part payment of taxes which is deducted from the total taxes due at completion.

Translator for the deed signing at the notary’s office. Required if you do not speak Italian well enough to understand legal deeds. Approx cost €250 – €350 depending on the notary.

Technical report for the notary.  Checks all the planning issues of the property, making sure it matches the official plans, no works have been carried out without permission, gathers all previous permits, checks the house is sellable and not illegal in any way. Carried out by a geometra, architect or engineer and costs vary considerably, a minimum of €761 including VAT/ Please note this report is NOT a structural survey, that is an optional additional report you may wish to instruct.

What annual costs are there? How should I pay them?

Local council tax – IMU (formerly ICI) – payable only by non residents. This needs to be paid twice a year at the post office – no bill is sent. Most people use a local accountant or property manager to calculate it.

Refuse tax (TARI)

In some areas, mountain community tax.

If you buy a property which is part of a condominium, e.g. with shared pool and grounds, lighting etc, then there will be annual condominium fees to pay which usually range from about €200 to €1000/year unless it is a particularly luxurious property with many amenities in which case costs could be higher.

Utilities

Do I need an Italian bank account?

You don’t really need an Italian bank account for buying a property in Italy any more as money is usually sent by bank transfer, although some notaries insist the funds are sent from an Italian account set up by you.

You could of course open an account to handle bills but bear in mind that some utilities companies refuse to arrange direct debits for non resident accounts, and some bills cannot be paid by direct debit.
You could always pay your bills online or if you have a property manager then send them the funds for settling all the bills.
If you do intend opening an Italian bank account, bear in mind that Italian bank charges are high . Usually there is a monthly fee to pay, plus charges for receiving money, paying bills, sending statements, etc etc.

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