Fiat Family’s Inheritance Battle: A Tale of Rivalries and Debt
In 2019, the film “Ford v Ferrari” portrayed the legendary rivalry between the two car brands that captivated the public’s attention. But while the spotlight was on Ford and Ferrari, another iconic Italian dynasty was quietly facing its own internal battles.
The Rise and Fall of Fiat
Founded in 1902, Fiat became a renowned Italian car brand known for its stylish designs and affordable prices. However, this 122-year-old empire is now entangled in a messy inheritance dispute.
The only surviving daughter of Gianni Agnelli, the famous business magnate, Margherita Agnelli, finds herself embroiled in a legal battle with her three biological children over control of billions of euros worth of assets.
Mother and Children at Odds
Five years ago, the Agnelli family and their relatives gathered in the outskirts of Turin to mourn the passing of Marella Agnelli, the widow of the 20th-century industrialist, Gianni Agnelli. However, the funeral was overshadowed by bitter animosity between Margherita, Gianni’s only living daughter, and her son John Elkann over control of the family fortune. Since then, the mother and son have not spoken to each other, except in court.
The tension escalated when Margherita admitted to helping her mother evade taxes, prompting a raid on John’s office in February 2024.
“Margherita Agnelli has persecuted her three children and even her own parents in court for over 20 years,” claimed John’s lawyer following the raid.
In reality, John’s lawyer was referring to Margherita’s attempts to sue her own parents, and now her biological children, in order to gain control of the assets for her five stepchildren from her second marriage.
Regret and Reversals
Margherita, who married Alain Elkann and had three children with him – Lapo Elkann, John Elkann, and Ginevra Elkann – later divorced and married Count Serge de Pahlen, with whom she had five more children.
When Fiat was drowning in debt, Margherita relinquished her inheritance rights. However, she soon regretted this decision as she witnessed her children revitalize the family business. Now she is fighting to claim her share of the fortune.
As the legal battle unfolds, Margherita is disputing the ownership of assets worth billions of euros, including artworks by Monet and Picasso, as well as shares in Dicembre, the parent company of the listed conglomerate Exor.
The value of Dicembre, under John Elkann’s leadership, has skyrocketed by 2,700% to 33 billion euros since his grandfather’s passing over two decades ago. The total value of the Stellantis group, in which Fiat is a prominent brand, has reached 77.2 billion euros.
With Exor holding a majority stake in luxury brands like Ferrari and Juventus, as well as the Dutch medical equipment manufacturer Philips, it wields significant power alongside Fiat within the Agnelli family empire.
The Consequences of Accusations
According to experts, if Margherita successfully implicates John as an accomplice in tax evasion, it could disrupt the 122-year-old Fiat empire.
While the outcome of the raid remains unknown, Margherita has undoubtedly caused deep divisions within the Fiat dynasty. Both Lapo and Ginevra have sided with their brother John and severed ties with Margherita and their half-siblings.
Family members, friends, and acquaintances hope that the heirs to the Fiat legacy can find peace amidst this intense battle for inheritance.
Source: Financial Times