s y n t e t ic
e v a l u a t i on
c r I t e r i a
Palazzetto inside Palazzo Albertoni Spinola
FROM APPRAISAL IN ENGLISH
CHAPTER 4,12,13,14 (PAGES 31,49,50,51)
1 – Introduction
First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness and
the value of the property, any economic assessment object is considered very difficult.to reach also due to
the absence of benchmarks with the features of these kind of building projected and built by two of the
most important architects of the italian Reinassance: Giacomo Della Porta (https://
en.wikipedia.org/wiki/Giacomo_della_Porta) and Girolamo Rainaldi (https://en.wikipedia.org/wiki/
The task entrusted to us is to complete the rough estimation of the property, considering an overall
intervention of functional redevelopment with the ‘turn-key’ formula.
This preliminary technical assessment is the culmination of a series of investigations, analyses and processing
the collected data. These enabled us to conclude findings and results of value hereby referred to,
at the issue date of this document.
The preliminary technical assessment was conducted on the basis of the available documentation and
information received from the client, which we considered to be true.
In some cases, it was necessary to find some information or documents otherwise not being available. In
particular, the land registry records and the hypocadestral records of the complex were traced through a
computer search, and preliminary investigations were carried out in order to identify the types of intervention
that are compatible with the governing town-planning regulations.
Therefore, in this document we have also indicated - in relation to the main topics discussed - the source
documents that have led to the conclusions presented here.
The state of affairs of the property is represented by the processed planimetric data that were available to
us from information we received and from what was established during the site visit.
The owners’ intention is to carry out a redevelopment, aimed at establishing three interdependent, yet at
the same time autonomous, luxury suites, each equipped with fitness, wellness, and relaxation areas. The
three residences will be equipped with shared security services, an office and a movie-theatre for private
The decision to carry out this redevelopment – a rather simple one, for that matter, given the current
structure of the property – was made with the aim of alienating the property, taking exclusively the foreign
demand into consideration, from the ultra-high-net-worth (uhnw) segment.
As shown by the most renowned research of the sector conducted by credit suisse (https://www.Worldwealthreport.Com),
over the last five years there has been a steady increase in this segment, putting the
increase between 2000 and 2014 at no less than +300 percent.
Obviously, one may not get the meaning of the above statements without considering the unique features
of the property, its prestigious location in the very center of the capital of italy, and especially rome itself
– being the foremost city in the world as to the presence of monumental and historical-artistic treasures,
and global center of Christianity due to the presence of the Vatican City and the Apostolic See of the Pope.
In addition, there is the ‘network’ represented by the main characters of international show-business as well
as of public or private institutions, regularly visiting this city to enjoy its features as described above. Their
presence offers a live and global advertisement of such features, and it keeps spreading - within the UHNW
segments - a potential desire to possess a jewel of this kind.
In this regard, it is also necessary to remark on some important investments that in 2014-2015-2016
(ANN.14 press review) took place in Rome by Mid-Eastern and USA-based hotel chains, as well as on the
North American commitment towards the most important soccer club in Rome (A.S. Roma).
Lastly, the ever growing appeal for products ‘made in Italy’ and the Italian way of life in the ‘luxury brand’
and ‘luxury food’ segments also played a role in strengthening this determination of the owners. In fact, this
appeal confirms that those who can afford to appreciate the use and consumption of Italian products and
services incurring high-end costs, want to experience these sensations themselves.
A proof of the above said, as well as a further confirmation of the ‘appeal’ experienced by buyers is the
comparison between the amounts of property taxes collected by the Italian tax authorities and those collected
by Anglo-Saxon countries, and in particular in the United States of America, where tax revenues on
properties of such value are at least 10 - or even 20 - times higher.
a) The following criteria were applied for the measurement of the areas of the property:
UNI 10750 standard on Real Estate Services. Requirements of Service.
4.4 Criteria for property appraisal
The UNI 10750 standard contains the following criteria for calculating “the surface of commercial
areas”. For further information we suggest considering to purchase the documentation of UNI
Calculating the surface of the commercial area, depending on whether the real estate it is intended
for residential use or for commercial use (offices, industrial or touristic use) the following should
– the sum of passable covered areas including the surfaces occupied by interior and perimeter
– the weighted averages on surfaces for the exclusive use of terraces, balconies, patios and
– the weighted surfaces of appliances (basements, indoor and outdoor car parking areas, boxes,
The calculation of the covered surfaces must be based on the following criteria:
a) 100% of the passable surfaces;
b) 100% of the areas within internal non-bearing walls providing separation;
c) 50% of the areas within internal bearing walls and perimeter walls.
In the case of detached and / or single-family buildings, the percentage of point c) should be considered
as 100%. The calculation of the areas referred to in point c) shall not, however, exceed
10% of the sum referred to in points a) and b).
For the calculation of uncovered surfaces, the following weighting criteria are to be used:
25% of uncovered balconies and terraces;
35% of covered balconies and terraces (by covered we mean closed on three sides);
35% of patios and porches;
60% of verandas;
15% of apartment gardens;
10% of villa and cottage gardens.
The indicated percentages may vary according to the particular location of the real estate property,
and to its external surfaces which may be roughly at the same level as the overall external
sur-faces, and which may never exceed 30% of the covered surfaces - except for all those
incremental or decreasing factors that characterize their particular level of environmental quality.
Obviously, the property subject to estimation belongs to the category that would determine a
strong variation of the aforesaid percentage quotas. However, the prudential and conservative
criteria suggested by the property to the professional in charge have not allowed for timely
12-SEARCHING FOR THE MARKET VALUE:FEATURES IN COMMON
The features of the property compared to the features of the units that we have considered as
parameter for evaluation criteria are:
- 3 units-apartments with maximum flexibility of use, which are independent real estate units.
- The general prestige of the property and its common monumental areas.
- The location at the historic heart of Rome, in a historically and architecturally unique city zone.
- The structure has been subject to thorough remodeling.
- The amenities available to each suite-apartment and the rarity of such offering.
- The condition of the individual units after remodeling.
- 4 parking spaces available in the courtyard of the building.
- The recent roster of prestigious residents.
- Low property taxes based on Italian tax law.
13 – SEARCHING FOR THE VALUE:EXTRAORDINARY FEATURES OF THE PROPERTY
First of all It is necessary to clarify that considering the historical significance, the absolute uniqueness
and the value of the property, any economic assessment object of the following appraisal is
considered very difficult.
The extraordinary features of the property that are not comparable with the features of the units that
we have considered as parameters of evaluation criteria are:
1-An architectural masterpiece erected by men of genius. Both the project and its execution bear the
mark of two great 17th century architects in Rome: Giacomo della Porta and Girolamo Rainaldi. The
property features the following exclusive characteristics:
A) They integrated the new construction into the ancient preexisting Palazzetto, allowing this unit
to extend and merge into the new construction without being able to recognize that you are in one side
or in the other part of the Palazzo;
B) They created and maintained a direct view of the entry of Santa Maria (which is the Campitelli
Church located in front of the Palazzo Albertoni Spinola) from the original door of the Palazzetto,
despite having built the great Palazzo in front of what preexisted building;
C) They have made possible the use of the old roof secret garden of the Palazzetto with the first
floor of the Palazzo, making this unit a unique property of its kind.
2- The “chameleonic” quality of a property, both at the urban-legal and the physical levels, that
features multiple entrances and thus constitutes one and at the same time multiple units that are
completely autonomous, hence the emphasis on “privacy” but at the same time the usability of the
common monumental areas.
3- In regards to such setup, the possibility of touristic-residential use and therefore of the
development of projects that are particularly profitable and that, thanks to current regulations on the
matter, can be carried out without altering the urban physiognomy, thus allowing for private residential
use at any moment.
14 – THE AVERAGE OF VALUES
In the previous sections we were conducting a search for the value of the redeveloped real estate
property. Based on statements made in the preciding paragraphs, the evaluation of the properrty
goes as follow(in euros):
VALUABLE COMMERCIAL SURFACE SUITES IN SQUARE METERS(SUB 1,2,3,4,5,7,8,11)
1221,32 x 24000 = 29311600
COMMERCIAL STORAGE SURFACE IN SQUARE METERS(SUB 12,13) 24
24x 4000 = 96000
GARDEN SURFACES(SUB 1) 177,65
177,65 x 8000(one third of the full price per square meter) = 1422880
SURFACE OF ROOFTOP & TERRACES WITH VIEW(SUB4,6) 259,19
259,19 x 12000 (half of the full price per square meter) = 3110280
SURFACE OF SUITE'S EXTERNAL UNITS(SUB 9,10) 124
124 x 8000=992000
CAR PARKING AREAS AT THE ENTRANCE HALL OF THE ‘PALAZZO’
n. 4 x100000=400000
Value of property redeveloped as real estate NON CONSIDERING features on Chapter N.13: 35332760
However, considering the characteristics of the property from the standpoint of it being a work of art and having
other uncommon features (see ‘Historical notes’ and Chapter N.13), I would not be surprised if the value of such
a rare property were to appreciate to the point of doubling or trebling.
1- RESTORING THE WHOLE PALAZZO:LAST WORKS
2- ALBERTONI SPINOLA BOOK
3- GOVERMENT LAW OF 1933 ABOUT
4- CADASTRAL CERTIFICATE AND FLOOR PLANS
5- POLLUTION AND ENERGETICH CERTIFICATE
6- ALL THE PERMITS
7- HOSPITALITY PERMIT
8- TITLE OF PROPERTIES
9- CONDO RULES
10- BOOK ABOUT THE BUILDING IN ACCORDANCE WITH PAST LAW
11- ALL THE FLOOR PLANS AND DESIGNES
13- DESCRIPTION INTERVENTION OF DEVELOPMENT
14- RECENT REVIEW
C o m p a r a b l e
u n i t s i n R o m e
( E X C L U D I N G A R T W O R K
F E A T U R E S C H A P T E R 1 3 )
Palazzo Maffei dei Borghese (sold)
It is the only 16th century building in Rome which has been totally and extensively renovated to offer the most innovative
and luxurious 21th century condominium in Rome.
It is located in one of Rome’s most exclusive areas and close to all famous boutiques and fashion stores, top restaurants
and most important sights. The Spanish steps are few meters away, Piazza Navona and the Pantheon a stone’s throw.
The original facade has been returned to its authentic color and the communal areas, such as the majestic entrance hall,
are covered with Michelangelo’s white Pietrasanta marble.
The building has different types and sizes of apartment, some of which are already turnkey (Loft apartment) others can
still be designed and tailor made at the client’s request.
different types of apartments
V = Penthouse apartment 258 sqm at € 9,500,000 (euro 36821 /sqm)
Loft = 174 sqm at € 4,400,000 (euro 25287 /sqm)
N1 = 170 sqm at € 3,600,000 (euro 21176 / sqm)
N2 = 85 sqm apartment at € 2,300,000 (euro 27058 /sqm)
The above prices include all fittings with floors and ceilings and top home automation system and the most advanced
The property has a doorman and 24h security service.
Collosseo Apartment (sold)
On January 7, 2015 we witnessed an important transaction in the heart of Rome.
Here is the statement released to the press by the major international news agencies: “Yesterday, PSG striker soccer
player Edinson Cavani completed the purchase of a penthouse in the center of Rome for the amount of 8.7 million Euros
– reveals a statement released by the British association.
The property - located on the third floor of a building from the 1700’s - consists of four bedrooms, a three living rooms,
3 bathrooms, a private gym, and relaxation area, extending over a total of 450 square meters. The deal was completed in
a few days and was formalized by the Notary Giuliani in Rome.”
Therefore, as you can see, even though we do go into the details, there was a transaction for a per square meter amount
around 20,000 Euros
Luxury Penthouse in the Heart of Rome
Penthouse over Piazza Venezia Advertised by Christies Real Estate
Surface: 5.220 sq ft/485 m2
Asking Price: 15.000.000 Euro
Price/m2: 30.927 Euro/m2
Price/sq ft: 2.873 Euro/sq ft
Apartment in Via dei Condotti
Villa at Piazza di Spagna Advertised by Christies Real Estate
Surface: 3659 sq ft/340 m2
Asking Price: 7.000.000 Euro
Price/m2: 20.588 Euro/m2
Price/sq ft: 1.913 Euro/sq ft
Palazzo Sacchetti A pearl of the
late Reinassance in the heart of Rome (to remodel) Advertised by Sotheby's Realty
Price: 57.000.000 €
Price / Sq. M.: 19.000 € (excluded remodeling plan)
Full Baths: 10
Partial Baths: 1
Interior: 3,000 m²
Exterior: 700 m²
Property Type: Single Family Home
E c o n o m i c s
Palazzetto inside Palazzo Albertoni Spinola
Base Price 35,332,760 Euros turnkey
Property taxes: 27,664.77euros /year
Maintenance fee: 17,624 euros /year
Cover space: mq. 437,78
Secret private Garden sub 1: mq. 177,65
1 main entrance from common monumental stairs from Piazza Campitelli n.2
2 private entrances from Vicolo Capizucchi
1 private entrance from Piazza Capizucchi
Ambassador Executive suite
Cover space sub 4,5,7,8: mq. 669,54
Rooftop&Terraces sub5,6: mq. 259,18
Little chapel and spiral stairs included
2 main entrances from common monumental stairs from Piazza Campitelli n.2
4 private entrances from courtyard of the “Palazzo”
Little office with fresco: mq.32
Private entrance with the car and concierge with 2 bathrooms on piazza Capizucchi: mq. 114
Small wharehouse sub 12: mq.12
Small wharehouse sub 13: mq.12
Parking spaces in the courthyard 4 available
In regards to such setup, the possibility of touristic-residential use and therefore of the
development of projects that are particularly profitable and that, thanks to current regulations
on the matter, can be carried out without altering the urban physiognomy, thus allowing for
private residential use at any moment.
THE AUCTION : O F F E R C R I T E R I A
Palazzetto inside Palazzo Albertoni Spinola: the estate worldwide market has never seen this type of structure ever
before. This architectural artwork, a stunning mansion with a magnificent view and amenities built by the genuises of
the Italian Renaissance Giacomo Della Porta and Girolamo Rainaldi, is located in the center of Rome, having the
greatest number of historial artistic assets in the world. For this reason,in the absence of any precedents, the Palazzetto is
in a class by itself, its owners have agreed with Hilton & Hyland to organize a special Auction in order to identify a new
owner who lives up to such a residence. The reserve price has been defined by taking into account strictly real estate criteria
(see Economics, appraisal Chapters 4, 12, 13, 14) that place it at €35,332,760 (redevelopment plan included), plus a small
amount for artistic value, for a total of €38,000,000. However, considering the characteristics of the property from the
standpoint of it being a work of art and having other uncommon features (see Historical Notes and Appraisal chapter N.13),
it should come as no surprise if the value of such a rare property were to appreciate to the point of doubling or trebling in
relation to the value based solely on real estate criteria.