In 1669 Grand Master Nicolás Cotoner instructed engineer Antonio Maurizio Valperga to design a new fortress.

Giovanni Francesco Ricasoli forked out 20,000 scudi from his own pocket, to finance the building of this fort. Due to this generous act, the fort was named after him.

The foundation stone of Fort Ricasoli was laid on 15 June 1670 and the building was completed in 1698.