A hill that works on five fronts.
The figures below project the estate at maturity, building on the income it already earns today. Each stream is modelled conservatively and with explicit assumptions: rentals are anchored to AirDNA's market data for Cinigiano; wine, oil, grappa and hospitality build up from the land's productive capacity and current Montecucco pricing. These are projections, not guarantees.
Five streams, one hill.
Annual income at maturity by stream. Revenue is gross; net is after recurring operating costs, before taxes, depreciation and the initial capital works.
| Income stream | Revenue | Operating cost | Net / year | Basis |
|---|---|---|---|---|
| Rentals | €147k | (€59k) | €88k | AirDNA Cinigiano benchmark; 4 apartments + whole-villa hire; ~40% operating cost |
| Ninfale · wine | €450k | (€300k) | €150k | 30,000 bottles at maturity × €15 avg; ~€10/btl all-in |
| Olive oil | €45k | (€20k) | €25k | 2,500 bottles at maturity × €18, estate-direct |
| Cortilla · grappa | €22k | (€7k) | €15k | ~1,000 bottles × €22; Nannoni toll-distilling |
| Restaurant & events | €280k | (€220k) | €60k | 300 m² fabbricato; most speculative, needs capex & permits |
| Total at maturity | €944k | (€606k) | €338k | Excluding hospitality: ~€278k net on ~€664k revenue |
- At-maturity projections, not current results; before taxes, depreciation and initial capital works.
- Full wine and oil potential assumes planting the +1 ha right and the optional Porrona land.
- Hospitality is the least certain line: subject to works and permits on the 300 m² building.
Read as a farm-and-rental estate alone — without hospitality — the hill projects roughly €278k net a year on ~€664k revenue. Hospitality is the optional upside that lifts the total toward ~€338k.
How revenue builds to maturity.
No stream starts at full. Rentals reach maturity first; wine climbs as the vineyards mature and age; hospitality arrives once the building works are done. Stacked together, the five streams take annual revenue from roughly €263k to about €944k.
Stacked annual gross revenue by stream; total height is combined revenue. Years are indicative as plantings and activities reach maturity. Hospitality is the optional, least-certain line.
€147k, anchored to the market.
It is the one stream we don't ask you to take on faith. AirDNA — the reference for short-let data — puts the Cinigiano market's annual revenue at €147k, up 124% year-on-year, with a market score of 70/100 against just three active listings: a thin, fast-growing market. We hold rentals at that figure; the four apartments let individually, while whole-villa hire for weddings and events stays an unmodelled upside.
Net assumes roughly 40% operating cost — two staff, cleaning, channel fees and utilities.
Source: AirDNA, Cinigiano Market Overview. The market's top comparable is a 7-ensuite luxury mansion — the category whole-villa hire of the estate can target.
From 20,000 to 30,000 bottles.
The wine line assumes no miracle — only planting land already owned. Montecucco yields roughly 6,000 bottles per hectare.
At €15 average per bottle — a blend of cellar-door and agriturismo-guest sales at full retail and trade/export at €8–10 — 30,000 bottles is €450k gross. Organic Montecucco DOC Rosso currently retails between €12 and €25.
Where the numbers come from.
From 542 to 2,500 bottles.
The two-hectare grove, ~250 trees, gave 542 bottles at the latest harvest. An 8 ha grove at Porrona lifts mature potential to ~2,500 bottles. Organic extra-virgin sells estate-direct at €15–25 per half-litre; we model €18. New groves bear fruit two years after planting.
A second life for the pomace.
Grappa Cortilla is made from the harvest's pomace — a winemaking by-product at near-zero raw-material cost. The Nannoni distillery of Paganico distils and bottles to order; the estate resells ~1,000 bottles under its own mark at about €22.
The least certain line — and the largest.
The 300 m² building beside the farmhouse, with works and permits, can become a tasting kitchen and events space. We model a conservative ~€280k across covers and event hire at a ~20% net margin. It is the line that demands the most capital and permitting, and the first to strip out in a cautious read.
Optional upside · excluded from the cautious netConservatism, stated.
Rentals are anchored to a third party (AirDNA); wine, oil and grappa build from the land's capacity and current Montecucco pricing, with estate-direct sales at full margin. Figures are before taxes and depreciation and exclude the initial capex for planting and conversion. These are projections, to be verified in due diligence.
A warehouse waiting for a second life.
Beyond the casale and its four apartments, the estate includes a large agricultural warehouse, today housing the machinery and the hay harvest. Its size, its height and its position below the farmhouse make it the natural candidate for conversion: a restaurant built around the estate’s own wine and oil, or a spa and wellness building for guests. Either would add a further income stream to the model above.
Indicative visualisations only. Any change of use is subject to the usual planning consents.