After the property failed to sell Tuesday, the starting bid on the Roman villa with the Caravaggio ceiling painting has been slashed.
The Casino dell'Aurora is located in Rome.
The Associated Press.
Villa Aurora did not receive any bids during an auction held on Italy's Ministry of Justice online portal.
The minimum bid will be slashed from $400 million to $320 million in the April auction.
If it goes for more than $320 million, it will be the most expensive home sold in Hong Kong.
$360 million. The Caravaggio mural is worth about the same as the property according to a history professor at Rome's Sapienza University. Less than 90 Caravaggio paintings are known to still exist, and rarely come up for sale.
The key background.
Princess Rita Boncompagni Ludovisi and the three sons of her late husband, Prince Nicol Boncompagni, have been fighting over the inheritance of Villa Aurora, which was bought by the family four centuries ago. After years of legal battles with her stepsons, the princess resigned herself to selling the home, but she would like to stay in it. He told the New York Times that he wanted to keep the property in the family. Half of the sale's proceeds will go to her, while the other half will go to her late husband's three sons from a previous marriage.
Caravaggio's only known ceiling painting is expected to sell for $546 million.
The Texas-born Italian Princess is selling a $532 million Roman Villa.