Buying a fraction of a palazzo in Florence

ITALY:A historic palace in Florence's fashion district is being turned into exclusive apartments, writes Deirdre McQuillan.

STANDING guard over the l5th century grand staircase of the Palazzo Tornabuoni in Florence is a 20ft high marble statue of Diana the Huntress, golden bow brandished aloft and eager hound at her feet. It's the work of the l6th century sculptor Gherardo Silvani and just one of many works of art in this landmark Renaissance building located in the city's most fashionable street.

Now 36 apartments are being built in the palazzo, and sold from €218,000 under a fractional ownership scheme. The development will be managed by Four Seasons Hotels and resorts. Already a number of Irish clients have bought apartments there.

Home to the noble Tornabuoni family for generations and later the powerful Medici and Corsi art patrons, including Pope Leo XI, its breathtaking interior, decorated by the leading artists of the day, boasts frescoes dating from the l6th century, micromosaics and elaborate stucco ceilings from the l8th century not to speak of a long and illustrious history.

The world's first opera, Dafne, commissioned by Jacopo Corsi was performed here in one of its grand halls. Another room decorated with a fresco depicting the ancient story of Esther and Ahasuerus and a carved and painted oak ceiling was originally used by Alessandro de Medici for State visits.

Amongst the priceless artefacts, a marble fireplace built by the mosaic master Raffaelli is said to be worth today around €500,000.

For most of the 20th century this architectural jewel was the headquarters of an Italian bank. Now it is privately owned by brothers Marcello and Corrado Fratini, leading Florentine entrepreneurs who bought it four years ago. Now, in tandem with a US developer, they are turning the building into a city centre private members' club, the first of its kind in Europe. Sons of a businessman who amassed a fortune importing the first US jeans into Italy in the l950s, the brothers have in turn made enormous profits licensing Calvin Klein and Guess jeans in Europe and Asia.

On a street where wealthy global brands like Prada, Gucci, Versace and Bulgari are increasingly infiltrating the historic heart of Florence, their enterprise consisting of 36 apartments (four studios, 11 one-bedroom and 21 two to three-bedroom apartments) will be home to 288 people prepared to pay from €218,000 up to €549,000 for membership in the fractional ownership venture.

This concept, which developed in US ski resorts in the l990s, is based on a percentage share in an expensive asset. Unlike conventional timeshare arrangements, ownership is vested in the title rather than in units of time.

"People use their second homes for on average three weeks a year", sales manager Jane Guarducci told me. "For instance I spent only 38 nights last year in my house in the mountains one and a half hours from Florence. This formulation means that you don't have to worry about expensive upkeep or fixing things that don't work when you arrive." Annual maintenance fees, however, range from €6,000 for a studio up to €l7,000 for the bigger apartments. Ownership includes membership of a club which offers private access to museums, vineyards, golf courses and the like.

Originally scheduled for completion two years ago, workers are still struggling to finish the development. There are 20 restorers for the frescoes alone and other specialists painstakingly restoring woodwork and marble. Alongside the original decorative elements, designer and "man of the moment" Michele Bonan - who is responsible for Florence's Ferragamo hotels - has created contemporary interiors equally lavish in their furnishings and décor.

The two-bedroom show suite I viewed has been completed at a cost of around €200,000 but its high specifications will be common to all of the others. It is certainly ultra stylish and luxurious with cream suede and silk furnishings, four poster beds, plasma screens, Boffi kitchens and impressive state of the art marble and glass bathrooms.

Eight memberships are sold per residence which means that owners, who have access for three weeks of the year and after that on the basis of space available, have the right to use any apartments in their respective category. There are also housekeeping fees of €500 per week, less for shorter stays.

So far membership has attracted interest from 13 countries, mostly the US and the UK, though a number of Irish have already taken the plunge, according to Guarducci.

"Our buyers are art and history lovers or food and wine buffs and most already have a second or third home," she says, stressing that part of the club's special service includes privileged access to private art collections, gardens or wine cellars in Tuscany.

It may be a tempting prospect to live like a latter day Medici for those with comfortable incomes and leisure to spare, but as a cross between a private home and a five-star hotel, only time will tell if the Florentine formula flourishes.

• www.knightfrank.com; www.palazzotornabuoni.com