Terme di Montecatini, sale in mid-July (starting from 42 million)

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The season in which Montecatini was one of the most famous spa resorts in Europe, thanks to its therapeutic waters and muds (paid for by public health companies), and thanks to the Art Nouveau atmosphere that American actresses and Russian magnates liked, is over time ago. The last thirty years have been punctuated by failed relaunch attempts by public ownership (Tuscany Region at 66%, Municipality of Montecatini at 33%), budgets in the red, decline of the structures.

Now – after having narrowly avoided bankruptcy and having been admitted to the composition with creditors – the Terme di Montecatini are going up for auction. The judicial liquidator, Enrico Terzani, has just published the notice on the company’s website.

In the single lot put up for sale by the Court of Pistoia for a base amount of 42 million and 158 thousand euros there are all the spa establishments: about ten including the Terme Tettuccio, a temple of Art Nouveau architecture specialized in hydropinic treatments; and the Terme Leopoldine, with the excavation of the swimming pools designed by the architect Massimiliano Fuksas and never completed. But in the package there are also health institutions, buildings, aqueducts, greenhouses, a newsstand, shops, parks, and then movable assets, brands and the mining concession for thermal water issued by the Tuscany Region until 2033.

If there is only one offer, even equal to the starting price, it will be awarded on July 16th; if there are multiple bids that same day, the auction will start starting from the highest bid, with minimum raises of 500 thousand euros. In the event of an award, the right of pre-emption claimed on most of the historic spa establishments by the Ministry of Cultural Heritage will be triggered, and transferable to the local authorities involved. They are those entities which, being also owners, had worked to save the spa from bankruptcy: at the end of 2022 the Tuscany Region had decided to purchase the Tettuccio, Regina and Excelsior establishments for 16.4 million euros, while the Municipality of Montecatini had “optioned” the Torretta factory for two million euros.

The objective was successful, with the approval of the agreement. It now remains to be understood what public bodies will do if offers for the complete spa package arrive by July 16th. If the Ministry of Cultural Heritage, the Region or the Municipality were to exercise the right of pre-emption on some of the assets for sale, these will be excluded from the transfer, but the successful tenderer’s right to withdraw from the contract will also be reserved.

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