The palace was built between 1540 and 1567 by the Jacobilli brothers, Giangiacomo and Francesco. It subsequently belonged to the Venturini family of Trevi and to the Carrara family of Terni. Then, it passed to the Municipality of Foligno in 1859, and it became a state-owned property in 1927, in exchange with Trinci Palace. Today it houses a brigade of the “Guardia di Finanza” (a military body dealing with customs, border control, frauds, financial and tax crimes). In some rooms on the main floor, sixteenth-century frescoes are still visible, even if they are rather deteriorated, showing the Jacobilli family coat of arms (a golden lion with a tongue and armed with a dagger on a red background crossed by a silver band). A frieze detached from the palace with allegorical figures, cherubs and the stories of Joseph is now kept in the City Museum.