A lawyer for Italian billionaire Silvio Berlusconi said on Wednesday the former prime minister’s Sardinian villa was not being sold to Russian buyers, the Ansa news agency reported.
"Villa Certosa is not for sale and there are no deals going on," said Niccolo Ghedini.
Earlier on Wednesday the right-wing Libero daily said a Russian magnate was ready to spend 470 million euros on the property.
Ghedini said the report "lacked any truth".
The 4,500-square-meter villa sits on 120 hectares of private land and features, among other amenities, an artificial lake and volcano.
Berlusconi has reportedly been looking for a buyer since 2009, after a paparazzi photographer took 7,000 pictures of a private party at the villa involving bare-breasted young ladies.
Rumors in late 2009 that Abu Dhabi's crown prince was ready to snap up the villa for some 450 million euros were later denied.