A Nine-Apartment Stone Borgo in the Florentine Hills, Offered as One Lot

The stone is already cut. The apartments are already finished. The olive grove is already in the ground. What Apolloni Blom is offering at €3,300,000 is not a project but a machine, one that runs on two structurally separate revenue streams, housed inside a single lot within a natural reserve in Gambassi Terme.

That layering is the argument. Not the setting, not the restoration, but the way the income is built.

Two Revenues, One Cadastral Entry

The nine apartments give the asset its hospitality scale. A single-unit agriturismo in the Florentine hills is a lifestyle purchase with operational risk concentrated in one unit and one season. Nine apartments, operated as boutique rental accommodation, distribute that risk across a portfolio while remaining under a single ownership structure, a single set of utility contracts, a single set of operating agreements. The economics of that configuration are meaningfully different from what a buyer assembles piecemeal.

Then there is the olive grove. It is not a visual amenity. It is a productive agricultural component carrying its own Italian tax treatment, assessed under agricultural income rules that are structurally separate from the hospitality revenue the apartments generate. For a buyer constructing an income architecture, that separation matters. Two streams, two tax treatments, one acquisition.

Foreign buyers holding the asset under Italy's flat-tax regime can position this as non-Italian-sourced income, which means the flat-tax structure, rather than ordinary Italian progressive rates, applies to their global income picture while the asset itself generates Italian revenue that sits within the agricultural and hospitality frameworks. The configuration is not incidental to that structure; it suits it well.

What the Price Is Buying

At €3,300,000 for nine units plus productive land inside a natural reserve, the per-unit entry cost sits well below what a buyer would pay assembling equivalent accommodation individually on the open market in Florence province. The natural reserve designation constrains what can be built nearby, which is precisely the condition that keeps the operational environment stable over a long holding period.

The asset is fully restored. There is no development phase, no planning risk, no construction timeline to manage. The capital goes to work from the point of acquisition.

The Honest Ledger

This is a long-horizon asset with low liquidity. The buyer pool for a single-lot borgo at this scale is narrow by definition, and anyone entering at €3,300,000 should model an exit measured in years, not quarters. The opportunity is not in near-term resale. It is in the income architecture over time: hospitality revenue from nine apartments, agricultural income from the olive grove, and a tax structure that rewards patience rather than penalising it.

The stone was cut a long time ago. The question is whether the configuration suits the buyer's balance sheet. If it does, very little like this is coming to market in its place.

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