Originally owned by Aloisio Bologna in the 16th century, the palazzo later passed into the hands of the Alliata and Moncada families. It was restored after the 1751 earthquake by the architect Vaccarini.

The palazzo boasts a magnificent façade adorned with coats of arms and gables that create a striking decorative effect. On the ground floor, two monumental entrances open, embellished by four marble statues of moderate size (one draped female figure from the Roman era and three mythological subjects representing Vesta, Apollo, and Diana). The interior, once richly furnished in the rococo style, retains a hall frescoed by Gaspare Serenario.

Today, the palazzo serves as a venue for exhibitions and events.