A Renaissance palace grafted onto the top of an ancient Roman theatre is up for sale in Rome for €32 million ($42 million).

Its asking price is thought to make it the most expensive property currently on sale in the Italian capital, and one of the most expensive in Europe.

The 11,000 sq ft property has frescoed staterooms, a ballroom, three bedrooms, two bathrooms, a library, a dining room, a terrace, a separate penthouse and cellars.

Polish model Kasia Struss stars in the Moschino Spring 2012 ad campaign photographed by Juergen Teller, shot in Italy in front of the Colosseum.

Dolce & Gabbana have launched the Velvet Collection, a series of six haute parfumerie scents, each inspired by various parts of Italy.

The scents are a masterful mix of amber, citrus, floral, woody and spiced essences which recreate the Mediterranean mood.

The names of the fragrances are: Velvet Vetiver, Velvet Patchouli, Velvet Wood, Velvet Desire, Velvet Sublime and Velvet Love.

Giorgio Armani has opened his flagship Armani hotel in Milan, a joint venture with the Dubai developer Emaar Properties.

Located in the 1937 building that also houses Armani’s Manzoni 31 flagship, the hotel covers 162,000 square feet over floors two to eight.

The “palazzo” hotel, which is in the centre of the Italian city, boasts 95 rooms with a focus on “luxury, calm and beauty”.

San Spirito Island, situated in a lagoon that is a ten-minute boat ride to Venice’s San Marco Square, is now for sale with an asking price of €28 million.

The private island has 3,500 square meters of existing historical structures and the potential of an additional 4,500 square meters of new construction.

“The island could become the location of a prestigious hotel or could see the realisation of luxury residential units.”

International hotel chain Starwood has announced the reopening of a landmark Florence hotel, complete with a suite from top designer label Bottega Veneta.

The St Regis Florence, originally the Grand Hotel Florence, has been treated to a ten-month restoration which has seen significant interior changes to the 18th century palace, ranked among the city’s most significant buildings.

The hotel boasts 81 rooms and 19 suites, decorated by local artisans and including antique furniture such as hand-carved gold leaf frames and crystal chandeliers.