The building, the historic core of which dates back to the 13th century, was completely rebuilt in the 15th century as the seat of the Cardinals of the church of S. Lorenzo in Lucina. The palace has been the subject of particular events over the centuries, such as the discovery of the first remains of the Ara Pacis during excavation work in 1568. It regained its splendour around the middle of the 17th century when it became the property of the Peretti family (the family of Pope Sixtus V).
In the 19th century it passed to the Ottoboni Dukes of Fiano, from whom it takes its name, and in 1898 it was sold to the wealthy merchant Edoardo Almagià. From 1923 to 1990 it was also home to the renowned "Chess Club". Among the masterpieces is the Salone, frescoed in the mid-seventeenth century by Giovan Francesco Grimaldi and François Perrier and now used as a reception room. The grandiose ceiling is covered with mythological scenes such as the birth of Venus, Ceres before Jupiter, Cupid sleeping with putti, Cupid blindfolded, river landscapes, sea storms and unusual figures of dwarfs. Recurring figures include the rampant lion, branches with pears and stars, symbols of the Peretti family. An adjacent majestic Hall of Mirrors, rich in decorations, stuccoes and crystal chandeliers, enriches the main floor.
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