Built between 1565 and 1570 on Bartolomeo's commission, the palace was constructed in the Vallechiara area, surrounded by the Lomellini family's property.

The building was immediately related to the Abbey of San Bernardo dell'Olivella, of which, moreover, the commissioner was also patron.

The orography of the land, on steep slopes, allowed for an organisation of the garden in terraces, adorned with marble and fountains.

Of great interest was the intervention of architect Emanuele Andrea Tagliafichi, who in 1769, in addition to a general reorganisation of the garden, worked for Doge Agostino Lomellini on the interiors and stucco decorations of some of the rooms on the mezzanine and piano nobile, some of which can still be seen today inside the shops overlooking via Carlo Targa.