Villa Emo sold to unknown foreign magnate

The sale of Palladian Villa Emo in Fanzolo di Vedelago was finalized on Monday, January 28. The board of Banca di Credito Trevigiano, which has owned the property since 2004 (purchased for €15 million from the last heir, Count Leonardo Marco Emo Capodilista), voted to accept an offer from an unknown foreign magnate. The bank had hinted at the sale on January 9 with a press release mentioning a mysterious offer from a private individual passionate about Palladio who wished to restore the UNESCO World Heritage site (listed in 1996). The bank confirmed it is selling only the historic building, not adjacent assets. The transaction is subject to a right of first refusal under Italian law (D.lgs. 42/2004) in favor of the Ministry of Cultural Heritage. The bank had previously funded the villa's foundation with €325,000 annually until 2014, when Bankitalia temporarily took over the bank. The foundation then faced budget shortfalls, leading to layoffs and the resignation of president Armando Cremasco in October. A petition on change.org against the sale gathered 975 signatures. The sale is part of a broader trend of Italian heritage being sold to foreign buyers, such as Chinese magnate Ada Koon Hang Tse's acquisition of Villa Cornaro in Piombino Dese and Palazzo Pisani Moretta in Venice.