“A very important family in Madrid is negotiating the purchase and just needs to fix the price. I think in the end it will be €380 or €400 million,” a person close to the deal told ABC Spain, Corriere della Sera reported.
However, Berlusconi’s office swiftly rejected the report, saying there were “no negotiations happening”.
“The rumour about the property sale...is devoid of any foundation,” the former prime minister’s staff said in a statement.
Villa Certosa is one of Berlusconi’s numerous lavish homes scattered across Italy and around the world.
The 80-acre property features two lakes, a spa and an amphitheatre, Corriere said.
But despite such surroundings, in 2006 Berlusconi felt something was missing and had a fake volcano built in the grounds.
The simulated eruptions led neighbours to call the fire brigade, who were sent away while the party continued.