The funeral of former Italian Prime Minister Silvio Berlusconi was attended by his children Eleonora Berlusconi, Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, and Marina Berlusconi at the Duomo Cathedral in Milan, Italy on June 14, 2023 (REUTERS/Claudia Greco/File photo).
In accordance with the terms of Silvio Berlusconi’s will, his eldest children Marina and Pier Silvio will jointly control the business empire he founded. Both Marina and Pier Silvio already hold executive roles in parts of the business and will now hold equal stakes, totaling approximately 53%, in the Fininvest family holding. Marina, who is 56 years old, chairs Fininvest, while Pier Silvio, 54, is in charge of the MFE-MediaForEurope TV business, which their father established. In addition to these holdings, Fininvest also owns Italian Serie A soccer club AC Monza and has a stake in asset manager Banca Mediolanum. The overall assets of the Berlusconi family, including luxury properties in Milan, Rome, and Sardinia, are estimated to be worth approximately $6.8 billion, according to Forbes.
Silvio Berlusconi, known for his brash and ebullient personality, served as prime minister four times and was a media mogul and political figure who garnered both financial success and notoriety through scandals. His passing at the age of 86 on June 12, 2023, left Marina and Pier Silvio to take on greater responsibilities within the family business. The other three children from his second marriage, Barbara, Eleonora, and Luigi Berlusconi, have had less involvement in the family business. A statement from all five children emphasized that no single shareholder will exert overall individual indirect control over Fininvest SpA, a role previously held by their father.
Silvio Berlusconi made his decisions regarding the inheritance of Fininvest in 2006, as evidenced by a copy of the will obtained by Reuters. The will concludes with a handwritten note expressing gratitude and love from Silvio Berlusconi to his children. Upon the will’s announcement, the B shares of MFE on the Milan stock exchange experienced a slight decline. There had been speculation that the family might sell its stake, but CEO Pier Silvio Berlusconi confirmed that a sale was never discussed. Analysts from Equita noted that the indication of continuity in the management of MFE reduced the stock’s appeal for speculative purposes.
In addition to his children, Silvio Berlusconi also made significant bequests in his will. He left 100 million euros ($109 million) each to his partner at the time of his death, Marta Fascina, and his younger brother, Paolo. He also left 30 million euros to Marcello Dell’Utri, a longtime business partner and close friend who was previously convicted of Mafia collusion in 2014. Dell’Utri, who had been friends with Berlusconi since their university days in Milan, expressed gratitude and emotion upon receiving the bequest. The will, which was dated January 19, 2022, and contained in an unsealed envelope, coincided with one of Berlusconi’s hospital stays at Milan’s San Raffaele hospital, where he received treatment for leukemia and a lung infection.
Berlusconi played a significant role in Italy’s business and political landscape, initially building his empire through real estate and television. Despite his health concerns, he remained active in politics as the leader of the Forza Italia party, which is part of Prime Minister Giorgia Meloni’s coalition. Under Italian law, two-thirds of a deceased individual’s wealth is inherited equally by the heirs, while the remaining one-third can be distributed at the individual’s discretion. In Berlusconi’s case, he largely allocated the portion of his estate over which he had control to Marina and Pier Silvio, giving them a combined 60% of his assets, while the three younger children shared the remaining 40%.
Overall, Silvio Berlusconi’s will reflects his desire for continuity and shared responsibility within his family business empire, while also recognizing the important people in his personal life. His passing marks the end of an era in Italian politics and business, leaving behind a complex and divisive legacy.
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