It was built in 1562–1564 by Giorgio Vasari for the headquarters of the Knights of St. Stephen,[1] as a renovation of the already existing Palazzo degli Anziani ("Palace of the Elders").

The name, meaning "Palace of the Convoy", derives from the three-year period undertaken by the initiates of the Order for their training, called "la Carovana".

The façade is characterized by a complex scheme with sgraffiti representing allegorical figures and zodiacal signs, designed by Vasari himself and sculpted by Tommaso di Battista del Verrocchio and Alessandro Forzori, coupled to busts and marble crests.

Amongst the sculptures are the Medici Coat of Arms and that of the Knights, flanked by the allegories of Religion and Justice by Stoldo Lorenzi (1563).

The rear area is a modern addition (1928–1930) for the Scuola Normale Superiore di Pisa.