Winery for sale in Italy: business, shares or assets, and how to check it

Winery for sale in Italy: this page is a guide, not a list of listings. It is for anyone considering buying a working winery who wants to understand, before searching, what changes hands, how a price is read and who has to check what. Land and vineyards have a guide of their own, with agricultural pre-emption and notes for foreign buyers: vineyard for sale in Italy, five essential checks. This page is about the business and the building that houses it. The information is general and informative, current at 30 October 2026; it is not legal, tax or technical advice and does not replace the advice of a notary, a lawyer, an accountant and a qualified technician.

Business, shares or assets: what changes hands

A working winery can be bought in three ways. You can buy the business (the azienda): the complex of assets organised by the entrepreneur to carry on the enterprise (art. 2555 of the Civil Code). You can buy the shares or quotas of the company that owns it. Or you can buy the assets separately: land, vineyards, buildings. These are not variants of the same contract: who answers for the debts, what passes automatically and which taxes apply all change. The seller may not say which structure is being proposed; the first step is to have it put in writing.

Business transfer or share purchase: two different transactions

Business transfer (cessione d’azienda). For enterprises subject to registration, the contract must be proved in writing; for the real estate part (vineyards, cellar, buildings) a notarial deed or a private deed is required, normally notarised so that it can be registered. The notary files the deed with the Register of Enterprises within 30 days (art. 2556 Civil Code). A number of effects follow that a buyer should know:

• Debts. The seller is not released from debts relating to the running of the business that arose before the transfer, towards creditors who have not consented; for a commercial business the buyer also answers for debts that appear in the mandatory accounting books (art. 2560 Civil Code). The second paragraph speaks of a “commercial business”: whether it applies to an agricultural winery is not settled and must be established with a lawyer.
• Tax. The buyer is jointly liable with the seller (the tax authority can claim from either), with the benefit of first enforcement (it must pursue the seller first) and up to the value of the business, for tax and penalties relating to the year of the transfer and the two preceding years; the tax office’s clearance certificate has a releasing effect. The limits do not apply in case of fraud (art. 14 Legislative Decree 472/1997; from 1 January 2027 art. 16 Legislative Decree 173/2024).
• Contracts. Unless agreed otherwise, the buyer takes over contracts that are not personal in nature, such as supply contracts (leases of farmland follow their own rules, to be checked with a lawyer); the counterparty may withdraw within three months of notice of the transfer, for just cause (art. 2558 Civil Code).
• Employees. Employment continues with the buyer, who is jointly liable with the seller for the employees’ claims existing at the time of transfer (art. 2112 Civil Code). If the business employs more than fifteen people, trade unions must be informed at least 25 days before the deed or, if earlier, before a binding agreement (art. 47 Law 428/1990); how seasonal workers are counted must be checked with an employment lawyer.
• Non-competition. For five years the seller may not start a new business that diverts customers; for agricultural businesses the ban applies only to connected activities (art. 2557 Civil Code).

Share purchase. Whoever buys the quotas of an S.r.l. does not become a debtor in their own right: they buy the company with all its debts and contracts, and the risk is reflected in the value of the quotas. The transfer takes effect towards the company once filed with the Register of Enterprises, which the notary does within 30 days (art. 2470 Civil Code). There is no best structure in absolute terms: it depends on what you want to acquire and how well you know the business.

How a winery for sale is valued

The price of a winery for sale cannot be derived from a single figure. It has four parts, to be assessed separately:

1. Land and vineyards. Value depends on area, appellation, size, access, exposure and whether the vines can be mechanised. CREA, the Italian agricultural research and economics council, which surveys the land market through interviews with operators, reports for 2024 expert estimates for land: planted, Chianti Classico DOCG 90,000–150,000 euros per hectare in the Siena area, the prime areas of Valpolicella up to 500,000, Colli Euganei DOC around 80,000–100,000; for new planting, in the Siena area, 15,000–24,000. These are examples, not an average: the most prized areas are worth far more.
2. Cellar, equipment and buildings. Assessed by a technical survey: capacity, condition of the plant, compliance, scope for extension.
3. Wine inventory. Wine in the cellar by vintage, appellation and format, bulk or bottled: its value is reconstructed from the registers, not from a price list.
4. Brand and distribution. The company’s trademark and commercial relationships already under way are worth what can be proved with sales and contracts.

CREA specifies that its values are indicative, exclude buildings and plantations where possible and do not replace a valuation: price per hectare does not give the price of a working winery, and we found no official public source on sale values of entire wineries.

Wine inventory, cellar registers and declarations

Wine inventory affects the price and can only be checked against the registers. Before accepting an offer, ask in writing whether the stock is included: it depends on the structure chosen (business, shares or assets) and on what the contract provides. Wineries keep an electronic register in SIAN, the national agricultural information system, one for each establishment (Ministerial Decree 293/2015), with exemptions (for example for establishments up to 50 hectolitres a year with direct sales, according to the 2017 SIAN guide: to be re-checked). Every year, where applicable, they file the harvest, production and stock declarations, with deadlines set by the Ministry and sometimes extended. Wine is subject to excise duty at a zero rate (art. 36 and Annex I of Legislative Decree 504/1995): this does not mean no obligations, because registers, declarations and accompanying documents remain. If the winery also produces spirits or intermediate alcoholic products, excise duties are real. Checking falls to the agronomist or oenologist together with the accountant, on the registers.

Appellation, trademark and permits: what passes and what does not

Under Law 238/2016 a DOC or DOCG is not a trademark of the company that is bought with the company: it designates a product of many producers (art. 27). Being able to use it depends, in particular, on three conditions: vineyards entered in the vineyard register with suitability for that appellation (art. 8), compliance with the production specification (art. 35) and membership of the control system (art. 64). The winery’s commercial trademark is a different asset, whose owner and registration are checked. Planting authorisations and the vineyard register are covered in the vineyard guide.

The cellar as a production building: the technical checks

Flow, with the oenologist. Two Italian academic studies (Dioguardi 2005, University of Milan, on three cellars in northern Italy; Corzani 2012, University of Bologna) point to a recurring criterion: departments in a linear sequence following the process (grape reception, crushing and pressing, fermentation, ageing, bottling, storage), with no backtracking or crossing of routes and, where the terrain allows, changes in level used to move the product by gravity. Recurring problems observed in the three cellars include slippery floors when wet, crossing of flows at grape delivery and the noise of bottling. Capacity declared in hectolitres does not tell you whether a cellar works well: the floor plan does, read together with whoever runs it.

Regularity. In deeds of sale of buildings whose construction began after 17 March 1985, the particulars of the building permit must appear, on pain of nullity (art. 46 Presidential Decree 380/2001; for earlier buildings art. 40 Law 47/1985). For urban buildings a declaration of cadastral conformity is also required, or a certificate from a surveyor (art. 29 Law 52/1985). The notary checks that the reference is there, not that the building really matches its permit: a surveyor establishes that by comparing permits, plans and the actual state of the building. Small deviations are tolerated within legal thresholds (art. 34-bis Presidential Decree 380/2001; the tolerances for execution do not apply to listed or protected buildings). The occupancy certificate (agibilità) is attested by a certified notice (SCA, art. 24): from arts. 46 and 24 it does not follow that its absence voids the deed (our reading, to be confirmed by the notary), but it remains a risk for the use of the premises, for renovation and for opening to the public.

Restrictions. Some wineries may stand in areas protected by law (art. 142 Legislative Decree 42/2004: for example lakeshore areas up to 300 metres, listed watercourses with their banks for 150 metres, mountains above certain altitudes) or by decree and regional landscape plan: this is checked on the maps. In a protected area an extension or new building needs landscape authorisation before the building permit and, except in exceptional cases, it cannot be obtained retroactively once the works are done (art. 146); maintenance and restoration that do not alter the external appearance are excluded (art. 149).

Seismic risk. In the Veneto, for example, the whole region is classified as seismic (zones 1, 2 and 3). Adding a storey to a cellar, extending it with structurally connected works that significantly alter its response, or changing its use so as to increase vertical loads on the foundations by more than 10%, requires seismic upgrading of the whole structure (Italian Technical Standards for Construction, NTC 2018, ch. 8.4.3): a cost to be estimated before making an offer.

Land use. A rural building, or one serving the farm business, cannot be freely converted into tourist accommodation. According to the texts consulted, in Tuscany agricultural outbuildings whose works began after 15 April 2007 cannot change use (Regional Law 65/2014, art. 81; consolidated text to 2022, and it depends on whether the building qualifies as an “agricultural outbuilding”); in Piedmont a building permit in an agricultural zone is tied to an undertaking to keep the agricultural use (Regional Law 56/1977, art. 25); in Veneto, building new production facilities in an agricultural zone requires a farm plan approved by AVEPA, the regional agency for agricultural payments, except for minor works (Regional Law 11/2004, art. 44), while for the tourist reuse of existing structures regional and municipal rules must be checked. Later amendments to the texts consulted must be checked. The municipal plan always decides: there is no uniform national rule.

Energy. On sale, an energy performance certificate is compulsory, with exclusions for non-residential rural buildings without heating or cooling (Legislative Decree 192/2005, arts. 3 and 6). A cellar with a tasting room, offices or climate-controlled rooms is not automatically excluded: it must be assessed building by building by a certified assessor.

Services and safety. Cellar wastewater, fire prevention and workplace safety are further technical checks on the building, which we do not cover here and which are put to the seller and to the competent technicians.

Wine tourism and hospitality: what is actually required

Some of the listings we read present tastings, events or a restaurant as potential, without explaining what is needed. Wine tourism (enoturismo) is knowledge of wine at the place of production: visits to the vineyards and the cellar, tasting, sale of the estate’s own products, educational activities (Law 205/2017, art. 1, paragraphs 502-505). It is carried out with a notice to the municipality (SCIA, certified notice of start of activity) and under the ministerial decree of 12 March 2019: opening at least three days a week, dedicated rooms, trained staff, information material in at least three languages. Pairings are allowed only with cold products prepared by the estate, mainly local; cooked dishes fall under catering and regional agritourism rules. Paragraph 503 refers to the tax provisions of art. 5 of Law 413/1991 and limits flat-rate VAT to agricultural producers: the applicable regime must be checked with the accountant. A buyer must ask the municipality whether a new SCIA or a notice of succession is needed: neither the law nor the ministerial decree expressly regulates it, and some Regions have their own rules. CREA’s 2024 report notes in the Treviso area a growing demand for farms with rural buildings to be used for tourism, in a market that is nevertheless more selective and held back by environmental, planning and landscape constraints.

Taxes and costs of a business transfer

A general, informative overview, to be checked with the accountant against the text in force on the date of the deed. For registration tax the taxable base is the total market value of the assets, goodwill included, less the liabilities of the business shown in the mandatory accounts or in documents bearing a certified date (art. 51 Presidential Decree 131/1986; Revenue Agency Circular 2/E of 14 March 2025). According to the letter of the rule the rates follow the assets: 9% for real estate, 15% for agricultural land bought by someone who is neither a direct farmer nor a professional agricultural entrepreneur registered with the social security scheme, 3% for movable assets and goodwill according to Revenue Agency practice predating the 2025 reform (rulings 432/2019 and 277/2020); we found no specific practice on wineries with land. However, differentiated rates apply only if the deed or its annexes allocate the price among the assets: otherwise the highest rate applies (art. 23 Presidential Decree 131/1986). That is why the allocation of the price should be agreed with the accountant before the deed, knowing that the tax office may check how reasonable it is.

A business transfer is outside the scope of VAT and bears proportional registration tax (Revenue Agency, ruling 277/2020); mortgage and cadastral taxes on the real estate transferred with the business should be checked with the notary. From 1 January 2027, according to Normattiva, new consolidated codes apply (Legislative Decree 123/2025 on registration tax, Legislative Decree 173/2024 on penalties): article numbers and rates should be checked against the text in force on the date of the deed.

Who checks what

Six questions to put to the seller, in writing:

1. What are you selling: the business, the shares or the assets?
2. Is the wine inventory included in the price?
3. Which debts, loans, public grants and contracts remain?
4. Are the cellar registers and declarations in order?
5. Do building permits, occupancy certificate and the cadastre match the buildings as they stand?
6. Does the hospitality activity have its SCIA and meet the requirements?

Frequently asked questions

Is it better to buy the business or the shares of the company? It depends on what you want to acquire. With a business transfer you choose what changes hands, but you answer for debts, contracts and employees within the limits of the law; with shares you buy the whole company and the risk enters the price. It is decided with a lawyer and an accountant, after the accounts are checked.

Does the price include the wine inventory? It depends on the structure chosen and on the contract: it must be written down, and the inventory must be compared with the cellar registers.

Is a DOC or DOCG bought with the winery? In substance no: under Law 238/2016 it is not the company’s trademark. It can be used if the vineyards are registered with suitability for the appellation, the production specification is followed and the producer is in the control system.

Can I convert part of the cellar into tourist accommodation? Not freely: it depends on the building’s permitted use and the municipal plan, with different regional rules.

How much does a winery cost? There is no average price. CREA values cover land only; for a working winery land, buildings, inventory and brand are valued separately, and we found no official public source on the price of entire wineries.

A technical opinion on the buildings, before the offer. If you are considering a winery, the architecture studio Federico Cappellina Architects can check building permits, the condition of the buildings, restrictions and scope for extension. Contact the studio: confidential reply, no obligation. The studio’s projects are on federicocappellina.com.

Sources

• Civil Code, arts. 2112, 2470, 2555-2560 (Normattiva) · Legislative Decree 472/1997 art. 14 and Legislative Decree 173/2024 art. 16 · Law 428/1990 art. 47.
• Registration tax: Presidential Decree 131/1986 arts. 23 and 51; Revenue Agency, Circular 2/E of 14 March 2025/e7466150-e00d-49e4-854a-f4e47007e2c0), rulings 432/2019 and 277/2020; Legislative Decree 123/2025.
• Wine: Legislative Decree 504/1995 art. 36 and Annex I; Law 238/2016 arts. 8, 27, 35, 64; SIAN, “Il registro telematico per il settore vitivinicolo” (2017); Law 205/2017 art. 1 paragraphs 502-505; Ministerial Decree of 12 March 2019 (Official Gazette no. 89 of 15 April 2019); Veneto Region, Enoturismo page.
• Buildings and restrictions: Presidential Decree 380/2001 arts. 24, 34-bis, 46; Law 47/1985 art. 40; Law 52/1985 art. 29; Legislative Decree 42/2004 arts. 142, 146, 149; Legislative Decree 192/2005 arts. 3 and 6; NTC 2018 (Ministerial Decree of 17 January 2018) ch. 8.4; Veneto Region, Seismic and Rural building pages; Tuscany Regional Law 65/2014; Piedmont Regional Law 56/1977; Veneto Regional Law 11/2004.
• Values and market: CREA, “Indagine sul mercato fondiario in Italia, Rapporto 2024” and land values database.
• Winery design: L. Dioguardi, “La progettazione integrata applicata a tre cantine del Nord Italia”, AIIA 2005%207040.pdf); V. Corzani, “Le aziende vitivinicole: da machines à produire a elementi di attrazione nel paesaggio”, doctoral thesis, University of Bologna, 2012.

Photos, all via Wikimedia Commons and cropped or resized for the page: barrel cellar of a winery in Tuscany, Eric Kilby, CC BY-SA 2.0; barrel cellar of a winery in Sicily, Michal Osmenda.jpg), CC BY-SA 2.0; vineyards in autumn in the Langhe, Ida Astrid, CC BY-SA 4.0.