Despite the eye-watering price tag, the property, with all of its alluring features and scenic location, is still cheaper than the average price of a terrace in the heart of London.

It is proving to be a once-in-a-lifetime opportunity for potential buyers, and the perfect property for anyone who has dreamed of becoming lord of the manor.

The stunning estate is located on Lake Trasimeno and is on sale for £2,911,200 – a million less than the average terraced house in Westminster, one of London’s priciest property markets.

With grounds spanning 11 acres, the castle overlooks the village’s grass tennis courts, its two private harbours and the nearby coast of Passignano sul Trasimeno.

It is a large 10-bedroom luxury escape set over two floors and around three courtyards, with planning permission to be converted into a hotel.

If it becomes a hotel its history could help to lure holidaymakers, as the historic estate was founded around the 14th century Church of St Francis, which later grew to include a monastery.

It is listed as a building with significant historical and artistic interest, and has received special protection from local authorities.

The castle tripled in size after renovations from 1885 to 1891, allowing it to accommodate the then fashionable large frescoes and collections of antiques.

Today, the grounds are still home to six battle towers, an old mill and a park in the style of an English garden from the 19th century.

A spokesperson for LuxuryEstate.com, which has listed the property alongside others selling for more than £10million, said: ‘The castle is listed as a building of significant historical and artistic interest.

‘Its architectural features include windows with pointed arches, intricate cornices and beautiful roof terraces.

‘All of these elements, reflect the architectural styles during the periods of construction and additions to the castle, emphasizing the eclectic tastes of the time.’  

(dailymail.co.uk)