Built at the end of the 19th century, Villa Godilonda was bought by the American Carter family in 1924, and after the war became the summer residence of the Bulgari family.
Villa Godilonda is located in Castiglioncello on the Tuscan coast, Italy.
In the 1980s the property was transformed into a hotel, where famous Italian stars including Marcello Mastroianni, Vittorio Gassman and Walter Chiari were guests.
The property was purchased by an unidentified Eastern European businessman for US$7.5 million (€6 million), Lionard Luxury Real Estate, which negotiated the sale, confirmed.
Renovation work will begin shortly, with plans to restore the villa to its former glory and create a luxury hotel.
Built on the point of a headland in Castiglioncello, the villa enjoys spectacular views of the sea and its own private beach.
The 1,700 square-meter main villa has eight bedrooms, a winter garden, a spa and 11,000 square-meters of parkland.
Gabriele D'Annunzio, one of Italy's most important writers, gave it the name Godilonda, from 'godi l'onda' or 'enjoy the waves', after having spent a romantic and passionate night here at the beginning of the twentieth century.