The dynamic identification of a historical masonry palace located in Benevento (Italy) has been carried out. The case study is representative of many buildings located in historic Italian centres. Since the building has been instrumented by the Department of Civil Protection with a permanent dynamic monitoring system, some of the recorded data, acquired in various operating conditions have been analysed with basic instruments of the Operational Modal Analysis in order to identify the main eingenfrequencies and vibration modes of the structure. The experimental results have been compared to the numerical outcomes provided by a detailed three-dimensional Finite Element (FE) model of the building where Soil–Structure Interaction (SSI) has been taken into account. The comparison of experimental vs. numerical frequencies and vibration modes of the palace evidenced the role exerted by the subsoil on the dynamic response of the building.