Villas and jobs, joys and sorrows. With the last “red” record (8 million) in 2020, recently cleared, Silvio Berlusconi’s total ten-year bill of “condominium expenses” for his residences is 35 million, heating, utilities, renovations, maintenance, gardeners, supervision, in short, all inclusive. And 2021 promises to be equally worrying for the loyal Giuseppe Spinelli, the accountant from Bresso who will soon turn 80 and who has always looked after the personal affairs of the Cavaliere, including homes.
Works in Porto Rotondo
In fact, Berlusconi, through Immobiliare Idra, the company chaired by Spinelli that manages its sumptuous and expensive jewels (Arcore, Macherio, Lake Como, Sardinia), has submitted a request to the Municipality of Olbia for “interventions to improve the existing building heritage” , or Villa Certosa, the summer palace of Porto Rotondo. But the Housing Plan approved by the Region in January was challenged by the Draghi government before the Constitutional Court and everything is blocked. In the authorization request, he had written the New Sardinia at the end of April, reference was made to “extraordinary maintenance works with volumetric increase”.
Bond and appraisals
In the meantime, the real estate holding 99.5% controlled by the leader of Forza Italia (the remainder belongs to the sons Marina and Pier Silvio) has issued a new bond loan of 80 million to finance itself by giving as guarantee, with a second degree mortgage, the Porto Rotondo complex that the Cavaliere’s trusted surveyor, Francesco Magnano, evaluated this year in a technical report 259 million. The market price, if it is ever put up for sale, could however be significantly higher considering certain alleged negotiations of the past in which figures between 400 and 500 million euros were traveling. The 2021-2027 loan at a fixed rate of 2.7% is added to the 2018-2023 bond of a similar amount. But who are the underwriters?
Balance in the family
The list is in the company papers and it is interesting to note how the group’s capital control scheme is strictly replicated. It is a well-established equilibrium in which each member of the family occupies an already established space. Fininvest, the parent company that collects dividends from Mediaset, Mondadori, Mediolanum etc. and then in turn distributes them to the family, with 75 million out of 80 is the main underwriter of the bond. And within Fininvest the 7% rule applies: the founder has a large majority while the five children directly or indirectly have about 7% each. The rest of the bonds, and therefore of the credit towards the father’s company, is divided between the Holding Quarta of Marina Berlusconi (one million), the Quinta of Pier Silvio (one million) and the H14 of Barbara, Luigi and Eleonora (3 million) ). The income declared by Silvio Berlusconi in 2020 was 48 million.