The villa is located in Tavola, outside the Tuscan textiles city of Prato, where the man, named as C.Y., owns businesses, police said.
A court in Prato ordered the asset seizures after a complex probe by tax police of C.Y., who together with other family members declared almost- zero earnings while enjoying a lavish lifestyle.
The court rejected claims by C.Y. that his high standard of living owed to several tens of thousands of euros he had won playing on slot-machines.
The man was arrested in 2012 amid a probe into smuggled merchandise and received a conviction the same year for running illegal gaming parlours inside industrial warehouses.
In 2004, C.Y. was convicted of abetting illegal immigration for his role in a fraud scam aimed at bringing Chinese migrants into Italy, according to police.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.