World

Berlusconi’s will divides £4.27 billion as oldest children get media empire

The coffin of media mogul and former Italian premier Silvio Berlusconi leaves the Milan’s Gothic Cathedral at the end his state funeral (Luca Bruno/AP)
The coffin of media mogul and former Italian premier Silvio Berlusconi leaves the Milan’s Gothic Cathedral at the end his state funeral (Luca Bruno/AP)
By Colleen Barry and Associated Press

Silvio Berlusconi left control of his media empire to his two oldest children, according to details of his will reported by Italian media.

He also bequeathed 100 million euros (£85.5 million) of his estimated five billion-euro (£4.27 billion) fortune each to his companion and his brother.

The Fininvest holding company controlling the Mediaset television network, Mondadori publishing house and other assets said in a statement “no shareholder will exercise overall individual direct control of Fininvest SpA” as Mr Berlusconi had.

The three-time former Italian premier and media mogul died on June 12 aged 86 after being admitted to hospital for treatment for chronic leukaemia.

His will was read out in the presence of his five children and other witnesses on Tuesday.

The coffin of media mogul and former Italian premier Silvio Berlusconi leaves the Milan’s Gothic Cathedral at the end his state funeral
The coffin of media mogul and former Italian premier Silvio Berlusconi leaves the Milan’s Gothic Cathedral at the end his state funeral (Luca Bruno/AP)

With the shares inherited from their father, Marina and Pier Silvio Berlusconi control 53% of Fininvest.

Mr Berlusconi’s fortune was estimated at five billion euros, including publicly traded Fininvest, which is valued at 2.8 billion euros (£2.4 billion), real estate holdings worth around 700 million euros (£598.3 million), stocks, artworks and cash, according to the news agency ANSA.

Mr Berlusconi also left 60% of his nonbusiness wealth to Marina and Pier Silvio, his two oldest children from his first marriage, while the youngest three children from a second marriage, Barbara, Eleonora and Luigi, split the remaining 40%.

The twice-divorced Mr Berlusconi also left 100 million euros (£85.5 million) to his 33-year-old companion, Marta Fascia, and an equal sum to his brother Paolo.

He also left 30 million euros (£25.6 million) to one of his oldest friends and a former senator from his party, Marcello Dell’Utri, who had been convicted of Mafia association.

Flowers and a note reading
Flowers and a note reading “Thank you Silvio” are laid in front of Mr Berlusconi’s home near Milan after his death (Claudio Furlan/LaPresse/AP)

The court said he had acted as a mediator between Mr Berlusconi and a top crime boss in charges dating to a period before Mr Berlusconi took office.

According to a copy of the will published by Italian media outlets, Mr Berlusconi decided in 2006 how his business holdings would be divided.

He added the bequeathal to his brother in 2020 and those to Fascia and Dell’Ultri in January, when he was admitted to hospital for tests.