The Il Borro estate in Tuscany. Photo: Francesca Pagliai
The Il Borro estate in Tuscany. Photo: Francesca Pagliai
The Il Borro estate in Tuscany. Photo: Francesca Pagliai
The Il Borro estate in Tuscany. Photo: Francesca Pagliai

The Tuscan retreat where you can live like a Ferragamo


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Tucked into the hills of Tuscany, a small, unassuming medieval village is home to one of Italy’s most luxurious properties. Il Borro, the 1,100-hectare Relais & Chateaux estate, belongs to Ferruccio Ferragamo, son of designer Salvatore Ferragamo.

The 2,700-acre Relais & Chateaux estate belongs to Ferruccio Ferragamo. Photo: Rebecca Holland
The 2,700-acre Relais & Chateaux estate belongs to Ferruccio Ferragamo. Photo: Rebecca Holland

For years it was the Ferragamo family’s private retreat. “My father has a huge passion for hunting,” explains Vittoria Ferragamo, Ferruccio’s daughter. “He used to rent it out for hunting retreats.”

The Borgo, or main home on the reserve, was bombed extensively during the Second World War. “Half the house was still destroyed, but my father always believed in the place,” she says.

In 1993, he gathered the family together and told them he wanted to buy the estate, but wanted them to all be involved. “He was like: ‘This is a huge family project, are we going to do this?’” recalls Vittoria, who was eight years old at the time.

One of the property's swimming pools. Photo: Francesca Pagliai
One of the property's swimming pools. Photo: Francesca Pagliai

So began more than a decade of restoration. It wasn’t only the Borgo that needed rehabilitation – the estate includes an entire village that was passed between the Medici family of Florence, the Torriani family of Milan, a princess from the Savoy dynasty and eventually Prince Amedeo of Savoy, Duke of Aosta, who sold it to the Ferragamos. Today, former homes in the village have been transformed into suites and boutiques.

“It was so much fun,” Vittoria says, of the early days at Il Borro, when she and her siblings would play with children in the village. Residents were given a hand in how restoration should go. “It was collaborative,” she says. “We wanted their input to help bring the place back to life, and to its former beauty.”

The property is nestled in the Tuscan countryside. Photo: Il Borro
The property is nestled in the Tuscan countryside. Photo: Il Borro

The Ferragamos created a beautiful agriturismo hotel, but a few years later Relais & Chateaux approached them about elevating it to a higher level of hospitality. Now a luxury retreat with a fine-dining restaurant, several pools, horse riding facilities and more, the estate is still in flux. A golf course is being expanded, for example, and a new horse breeding and training programme is just taking off.

Guests can rent rooms of various sizes in the medieval village or countryside, or an entire private home. Villa Casetta has four bedrooms, a garden, an infinity swimming pool, a living room with fireplace and views of vineyards. Villa Mulino comprises two homes, a main villa with a living room, kitchen, three bedrooms and two bathrooms; and a smaller villa with an additional kitchen, living area and two bedrooms. Once a watermill, Villa Mulino has been renovated to keep its cottage charm while meeting luxury standards. An old reservoir has been transformed into a private pool. Finally, Villa Il Borro is a 10 Bedroom property in the heart of the estate, and often hosts weddings and other parties. All rooms feature Ferragamo-branded toiletries and other luxury amenities.

A room at Il Borro. Photo: Francesca Pagliai
A room at Il Borro. Photo: Francesca Pagliai

The Ferragamos have homes on the estate as well, and can be seen riding horses or working in the garden with their children. “It’s really in our philosophy and way of living as a family to do sports, eat organically,” says Vittoria “We always wanted to share these passions and create hospitality.”

Guests can lounge at one of two pools – one overlooking the medieval village and one facing the Tuscan hills – play golf with views of the mountains, take a horse riding tour, visit the private art collection (featuring Picassos, a Renoir and Warhol, among others), or pay a visit to the artisans in the village.

Guests can take part in horseriding tours. Photo: Rebecca Holland
Guests can take part in horseriding tours. Photo: Rebecca Holland

There’s a jeweller who has worked with the family for 30 years, a textile shop called Busatti that once made the uniforms for Napoleon's troops, a ceramicist and furniture restorer, and more. One highlight, and fitting for the Ferragamo family, is a custom shoemaker from Florence. Guests can pick out their materials and shoe style, have their measurements taken and wait for their new, custom-made footwear to be shipped to their home. Artisans in the village also host classes for children, such as embroidery and ceramics. Each artisan receives a free space from the Ferragamo family under the condition that the shop is also a laboratory. “We want things to be made on-site,” says Vittoria.

That’s also the case with the restaurants. Il Borro has a massive vegetable garden where all produce for the outlets are grown. “Gardening is a huge love of mine,” says Vittoria. “I think it’s so important to know where your food is coming from and to eat healthily.”

The village is home to traditional artisans. Photo: Francesca Pagliai
The village is home to traditional artisans. Photo: Francesca Pagliai

The family also owns a mill that makes all the flour for the hotel’s bread and pizzas. There are 190 chickens on the property for eggs, and the Ferragamos have agreements with local sheep and cow farmers to receive cheese.

Chef Andrea Campani takes all of this local food and turns it into elevated country-style Italian cooking at Osteria del Borro, with wood-fired dishes made in a traditional oven. At the more casual Il Borro Tuscan Bistro, which also has a home in Dubai, guests can dine poolside and attend a nightly pizza party.

The entire Il Borro property is solar-powered. The family’s solar field produces enough energy to power more than 500 households. That’s more than the hotel can use, so it sells the energy back to the government for use in surrounding towns. Water consumption is also carefully managed. The estate’s lakes are used as reservoirs to store rainfall over the year, which is used for farming and irrigation.

Vittoria has lived at or near Il Borro for most of her life, and it has become a part of her. When I ask if it’s odd to have strangers staying in what was once her family home, she laughs. “We love it,” she says. “We get to share the beauty of this place, and it helps keep it alive. That is the best thing.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: November 29, 2021, 4:47 AM