The name "Ricavo" is derived from the Latin "Rivus Cavus" (riverbed).
It is a recurring name in Tuscany, although, from both a historical and an economic point of view, the locality of Ricavo near Castellina in Chianti is certainly the most important.
The Tenuta di Ricavo is mentioned for the first time in a notarial document (amongst the documentation held at the Abbey of Passignano) dated March 994.
In 1043, Ricavo was owned by the Count Landolfo di Piancaldoli, who transferred the property - along with other assets - to Degli Uberti as a wedding gift. In the same period, the church dedicated to San Giusto was also constructed.
Ricavo later became part of the feuds that Count Guidi inherited from Frederick I, Henry VI and Frederick II of Hohenstaufen.
In 1774, San Giusto di Ricavo was part of a "Terzo", as the districts surrounding Chianti di Castellina were known.
In 1833, it was reported as having a population of 87 inhabitants. The locality constituted an independent parish, belonging first to the San Donato al Poggio chapter and then to the diocese of Florence.
Administratively, however, the community depended on Siena.
In 1901 the Ricavo Parish constituted 126 souls, and the main economic activity was viticulture.
Ricavo remained a rural hamlet until after the war. Then, gradually, the farmers who lived there slowly abandoned the area to move to the city.
In the meantime, Ricavo became the property of the Scotoni family in 1947, who initially transformed the hamlet into a private residence, but as early as 1955 it had begun to welcome its first guests.