Bill Gates denies reports he bought a castle in Northern Italy for $60 million.

It turns out that Bill Gates is not the new owner of a $60 million castle in northern Italy. Last week, Italian newspaper Il Secolo XIX reported that the Microsoft co-founder had allegedly purchased the famous Villa San Giorgio in Italy's Liguria region. The local newspaper claimed that Gates bought the historic building through his real estate company Four Seasons and planned to turn the building into a luxury resort. However, his team later denied the reports.

"Bill Gates did not purchase Villa San Giorgio, a sea-view building in Portofino known as '\''The Castle'\''," a spokesperson for Cascade Asset Management Company, which manages Gates' wealth, told ANSA. The said fortress structure was used in the'The castle had been 'used for military purposes since Roman times because of its high position; however, it was later abandoned, The Daily Mail reported. A few decades after, the castle was purchased by a British diplomat and transformed into the luxury villa we see today. Also known as "Portofino Castle," this 12,917 square foot ancient European mansion even features an elevator that directly descends to the beach.

Bill Gates' wealth management company says reports of him buying a $60 million castle in northern Italy are untrue.

Update (10-6-23): Cascade denies Gates' purchase of the property, and the article has been changed to reflect that.