In 1372 Alessandro and Bartolomeo degl’Albizzi quarrelled with their brothers, and obtained the consent of the Signori to take the name of Alessandri and to adopt another coat of arms. They chose the emblem of the Guild of Wool to which they belonged, adding a second head to the well-known lamb. Later the house of Aragon bestowed upon them the privilege of adding a golden crown and palm leaves to their shield. Twenty-three Priors and nine Gonfaloniers of Justice of the family sat in the Palazzo de’ Signori and many of them were sent on important embassies. Alessandro degl’Alessandri was knighted by the Emperor Frederick IV., while his brother Bartolomeo gained such favour with the King of Naples that he made him Chancellor of the Exchequer. In 1439 the Emperor Paleologus bestowed the title of Count on one of the Alessandri and some eighty years later Leo X. created them Counts of the Holy Roman Empire, a title confirmed by Gregory XVI. in 1845.

On either side of the windows on the upper floor of this palace are still to be seen the iron cramps which supported the frames on the roofs for drying cloth, source of the family riches. Part of the palace was burned during the Ciompi riots while it still belonged to the Albizzi; the side which was saved is distinguished by the pointed arches of the windows. The Alessandri were great patrons of horse racing—as racing was understood in those days—and owned a famous barb “Il Gran Diavolo,” who won for them many of the magnificent palii of cloth of gold and velvet with which some of the rooms are hung. The ladies of the family must often have stood at the windows clapping their hands with delight at the victory of the fiery black horses which carried their colours, for the winning-post was just beyond the old palace. The race in Borgo degl’Albizzi on the 24th June, the day of St. John, patron saint of Florence, is thus described by Goro Dati. “After dinner when midday had passed and everyone had slept, enjoying themselves, the women and children go to where the racers, who are to contend for the Palio, pass through a straight street in the centre of the city where are the finest houses of the chief citizens; and from one end to the other the said street is full of flowers, and all the women and the jewels and the richest ornaments of the city, and great is the rejoicing. Many lords, cavaliers and foreign gentlemen come every year to see the fine festival, and the number of people, foreigners and citizens, is incredible, and not to be believed save by one who has seen them. At the sound of three strokes of the bell of the Palazzo de’ Signori the horses start, and on the tower are stationed boys, who by certain signals show to whom belong the horses, which have come from all parts of Italy and are the most famous Barbary racers in the world. The winner is he who first reaches the Palio, which is borne on a four-wheeled triumphal car, with a lion at each corner. So well are they sculptured that they seem alive. It is drawn by two richly-caparisoned horses, with the emblems of their Commune. The rich and large Palio, of two lengths of the finest crimson velvet joined together by gold insertion a handsbreadth wide, lined with miniver, bordered with ermine and a gold and silken fringe, altogether cost 300 and more golden florins. But of late it has been made of brocade woven with gold, most beautiful, and of the value of 600 florins or even more.”10

The old palace is still inhabited by the Counts Alessandri.