What is Palazzo Ricci?
What does the word Palazzo mean in Italian?
Palazzo could be translated to mean palace; however, it is a more common term for a grand or noble mansion of large size and usually of historic value. Palazzo Ricci™ was built in 1799 for Italian nobility and, therefore, is referred to as a Palazzo.
What are the advantages of residence club ownership?
Residence clubs combine the benefits of vacation home ownership with upscale hotel amenities and services. Residence club ownership provides generous and flexible vacation use, removes the worries typically associated with absentee ownership in a foreign country, and dramatically reduces the financial burden.
How is the Palazzo Ricci property configured?
One main building (palace) with 25,000 sq ft, including a detached cottage. Additionally, there is a secluded garden of 10,000 sq ft.
How many owners will share each Palazzo Ricci home?
Each owner is conveyed a one-ninth deeded interest in one of Palazzo Ricci’s™ exquisite, fully-furnished residences.
Can more than one family or individual share ownership?
Yes. Individuals can form legal entities to control ownership. It will be up to the joint owners to select a Designated Owner who can reserve lodging for that ownership in compliance with Palazzo Ricci’s™ reservations policies.
Have residence clubs been successful in other prestigious destinations?
Yes. The first residence club was introduced more than 30 years ago in the United States at top-rated Deer Valley Resort in Park City, Utah. Since that time, residence clubs have been enthusiastically embraced by affluent buyers at premier resorts around the world, such as: Aspen, Vail, Telluride, Steamboat Springs, Palm Springs, Napa Valley, Lake Tahoe, Mammoth Lakes, San Francisco, Scottsdale, Manhattan, Southampton, Bermuda, Los Cabos, Huatulco, Florence, and many other coveted locations. Steve Dering, founder of the global residence club concept, is part of the Palazzo Ricci™ management team.
As an owner, how often can I vacation at my Palazzo Ricci home?
For a minimum of 5.5 weeks. Owners have the flexibility of reserving Planned Vacations well in advance and also visiting on a space-available basis. Each year, owners may reserve 21 days of Planned Vacations prior to the start of the Vacation Year. This leaves abundant additional occupancy for space-available vacations. However, there is no limit on use. If some owners use their Palazzo Ricci™ residences less, others can enjoy them more often.
Will Palazzo Ricci owners always stay in the residence in which they have ownership?
No. To provide the greatest flexibility and availability, owners have equal access to Palazzo Ricci™ residences within their ownership category (one-, two-, or three-bedroom). Requests for a specific Palazzo Ricci™ residence will be granted whenever possible.
What if the number of owners wishing to stay at the Palazzo Ricci during specific dates exceeds the number of available Palazzo Ricci™ residences?
Palazzo Ricci™ is designed to equitably allocate vacations when demand for lodging may exceed supply. A rotating priority system ensures all owners will have equal access to the most-requested dates over the years.
Can I send guests to enjoy my Palazzo Ricci vacations?
Yes. Owners may invite unaccompanied guests to use any of their confirmed vacations without a guest fee.
Can Palazzo Ricci owners rent a portion of their vacation time, for cash flow to offset annual dues or otherwise?
Yes. Palazzo Ricci™ owners can rent their confirmed Planned Vacations through the Club’s management company.
Can Palazzo Ricci owners reserve more than one residence during the same time period?
Yes. Because Palazzo Ricci™ owners are not restricted to the residence in which they have deeded ownership, they can use their reservation privileges to reserve more than one residence within their ownership category at any given time, if sufficient residences are available. This is an ownership benefit unique to residence clubs that allows Palazzo Ricci™ owners to host family reunions, a gathering of friends, or corporate retreats.
Can I exchange Palazzo Ricci™ lodging privileges with owners of other luxury resort properties?
Yes. Palazzo Ricci™ has been selected to participate in the prestigious Elite Alliance SM exchange program (www.EliteAlliance.com). Your complimentary Elite Alliance membership provides exchange privileges with owners at a large and expanding group (135 to date) of prestigious properties in premier destinations around the world.
Do Palazzo Ricci owners pay annual fees?
Yes. The comprehensive annual fees pay for the professional management and operation of Palazzo Ricci™. Included in these annual fees are funds for property tax, staff, supplies, palace maintenance, trash removal, legal/accounting, utilities, management fee, housekeeping, and reserves for the scheduled replacement of residence furnishings and appliances. These fees are a fraction of the all-in costs associated with traditional, vacation home, whole ownership.
Do owners pay any lodging fees when they vacation at their Palazzo Ricci?
Do owners pay housekeeping fees in Residence?
Housekeeping fees for each owner’s three Planned Vacations are included in the annual fees. Owners pay a housekeeping fee upon departure from Space Available vacations.
Can my Palazzo Ricci ownership be resold or inherited?
Yes. Like any other form of real estate, an owner’s deeded real estate can be sold or transferred or sold by a licensed Italian real estate broker.
What will be the method to choose my residence?
Fractions will be available in one-, two-, and three-bedroom residences, simultaneously, until sold out.
How many residences are there in the Palace? And what are the sizes?
There are 14 luxury palace residences in Palazzo Ricci ranging in size from 70 to 185 square meters. The price is between 90.000€-302.000€. Each comes with a full gourmet kitchen, well-appointed bathrooms, and luxury furnishings and artwork. We are currently completing the floor plans. It is possible to own multiple shares for more time or to wholly own a complete palace residence.
Will there be parking at Palazzo Ricci? And an elevator?
Yes, there will be an elevator. Also, we have designated parking in front of Palazzo Ricci™ for loading and unloading. The staff will park and retrieve your car in covered parking only 100 steps away. Palazzo Ricci™ will have as many as four different vehicles on-site for local transport needs. Longer transportation needs to Pescara, Rome and Naples will be available at a fee.