Resort in Tavolara: who is José Auriemo Neto, the Brazilian billionaire investing in Italia?

From the purchase of one of the most prestigious historic buildings in the centre of Milan to the large-scale tourism project in Sardinia that has become the subject of controversy. José Auriemo Neto, a 49-year-old Brazilian entrepreneur living in Uruguay, has set his sights on Italia with two property investments in the country’s most dynamic areas. The latest deal concerns Palazzo Taverna Medici del Vascello, a historic building on Via Bigli, in the heart of the fashion district, although no details have been released regarding the property’s future; however, the most likely scenario is – once again – that it will be repurposed for luxury hospitality.

The holding company Jhsf Capital, based in São Paulo, was founded in 1972 by Fabio Roberto Chimenti Auriemo, father of the current chairman José Auriemo Neto, and is today one of Brazil’s leading players in the luxury property sector. The holding company’s portfolio comprises high-end residential developments, shopping centres, hotels, restaurants and other property assets spread across Brazil and international markets.

Although smaller in scale than the major global players in the sector, Jhsf stands out for its particularly strong financial performance. In the first quarter of 2025, the group recorded a consolidated net profit of 340 million reais, up 139 per cent on the same period the previous year. Consolidated net revenue rose to 403.3 million reais (+37.6%), whilst consolidated EBITDA reached 589.6 million reais, an increase of 134% year-on-year.

The company, which has been listed on the São Paulo Stock Exchange in the Novo Mercado segment since 2007, also continues to focus on diversifying its activities: around 70 per cent of its EBITDA now comes from businesses generating recurring income, such as shopping centres, airports, clubs, residential properties and hotels, thereby reducing its reliance on property sales. The property holding company is also listed on the São Paulo Stock Exchange, where it has been one of the sector’s best-performing stocks over the past year: its shares have risen by over 116% in the last year, whilst the group’s market capitalisation has risen to around 7.76 billion reais.

The project in Milan involving Palazzo Taverna Medici del Vascello had been made particularly sensitive by the historic and artistic preservation order imposed on the property in Via Bigli and by the right of pre-emption granted to the Ministry of Culture and other relevant authorities, which was ultimately not exercised. However, the Milan project is not JHSF’s only venture in Italy.