The villa was commissioned by Marquis Innocenzo Odescalchi to Swiss architect Simone Cantoni to have a summer retreat alongside the lake. Works started in 1797 and were completed in 1812. The villa was named after an elm tree, no longer alive today, planted in the middle of the ornate gardens. About 800 varieties of trees still grow here.
The villa was acquired in 1924 by the municipality of Como and today is open to the public only during exhibitions, while the lakeside gardens are freely accessible during the daytime.