The assets were in control of Gaddafi's family and were ordered at the request of the international criminal court in The Hague.
The police "seized today fixed, and moveable assets, company stock and bank accounts connected to the family of ex-Libyan leader (Muammar) Gaddafi’s and to his entourage," said a police statement.
The seizures also include 150 hectares (371 acres) of forest on Pantelleria, where it was rumored that Gaddafi was planning to build a holiday village, a football club Juventus, owned by his football enthusiastic son Saadi Gaddafi.
A friendship treaty was signed between Gaddafi and Italy's former Prime Minister Silvio Berlusconi. The friendship also saw huge investments between the two nations during their reign.