by InTrieste
The city of Trieste has approved a new auction price for the sale of one of its most iconic properties, Palazzo Carciotti, an 18th-century neoclassical building overlooking the Gulf of Trieste. With its ornate façade and deep historical roots, the palazzo has long been a symbol of the city’s architectural heritage, though its future now hangs in the balance.
In a decision made Thursday, Trieste’s City Council voted to set the new starting price at €8.8 million ($9.2 million). The figure, approved under Resolution No. 486, reflects an update to the property’s valuation, a move intended to attract prospective buyers after years of failed auction attempts. The sale will take place via a public auction, and bids will be invited at the newly set base price.
The proposal was spearheaded by Elisa Lodi, the city’s Councillor for Real Estate Asset Policies, and aligns with Trieste’s broader strategy to divest surplus public assets. The property is listed within the 2024 Real Estate Sales and Enhancement Plan, as well as the city’s 2025-2027 strategic planning framework.
Trieste’s Real Estate Service revised the value of Palazzo Carciotti, taking into account not only past failed sales but also a significant regulatory shift. A regional decree issued by the Autonomous Region of Friuli Venezia Giulia in late September concluded that the property does not require environmental remediation—a key development after concerns were raised about potential contamination at the site.
The decree, dated September 27, formally closed an inquiry under Italy’s environmental regulations, determining that the Palazzo, located at Riva Tre Novembre 13c, is free of pollution risks and does not need any urgent safety or cleanup measures.
This outcome was crucial in finalizing the updated valuation, which city officials believe more accurately reflects current market conditions. The Palazzo’s previous unsold status, coupled with questions surrounding its environmental status, had complicated efforts to sell the building in the past.
“This decision is a key step in bringing new life to Palazzo Carciotti, a historic site that is central to Trieste’s identity,” said Lodi in a statement. “We are confident that this updated price, paired with the clarity around its environmental standing, will attract serious buyers.”
Despite the challenges, Palazzo Carciotti remains an attractive proposition. Located in a prime waterfront position, the building is part of the city’s rich neoclassical heritage and holds significant potential for adaptive reuse. Experts suggest that the new starting price aligns closely with estimates provided by Italy’s Revenue Agency, ensuring that it reflects a fair market value.
The next phase of the process will see the city formally publish the auction notice. If successful, the sale of Palazzo Carciotti could mark a turning point in Trieste’s long-running efforts to manage its real estate portfolio while preserving the architectural gems that define its unique character.
