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Heir Today...The Agnellis



THE giant of Italian manufacturing, Giovanni Agnelli founded Fiat in 1899 with an investment of only $400. He became its chairman in 1920, steering Fiat and his good name into the history books. After his death in 1945, his son Gianni (right) became scion of the dynasty. In their home country, the Agnellis have the same hallowed status accorded to the Kennedys in the US.

Feuds, plotting, madness, debauchery and sudden death have so characterised the clan that locals say if there are only so many disasters that can hit a dynasty, the Agnellis have had most, twice.

Gianni had a privileged upbringing but was thrown into the war in 1940 and wounded twice on the Russian front. It was two decades before he took over as president of Fiat in 1966, leading a worldwide expansion of its factories, from the USSR to South America. Nicknamed 'l'Avvocato' (the lawyer), he forged strong relations with the Italian Communist Party, despite being an arch capitalist.

Gianni became the richest man in Italy, with passions for football, skiing, sailing, motor racing and women. He married a princess, Marella Caracciolo de Castagneto, in 1953 and had many sensational love affairs, with Pamela Harriman and Anita Ekberg to name but two.

He lacked one thing, though: a responsible child to whom he could bequeath his fortune. His son, and hoped-for successor, Edoardo, despised business and capitalism in general and, after studying religion at Princeton University, met Ayatollah Khamenei in Iran and reportedly converted to Islam.

Soon after, Edoardo was arrested for drug trafficking in Kenya. At a press conference in Assisi, he spoke about God and announced he was preparing to take over Fiat.

His father publicly disavowed him. In 2000, Edoardo killed himself by jumping off a bridge; he was survived by an illegitimate son.

Gianni died in 2003. His brother Umberto took over and revived its flagging fortunes. Four years on, a row has now erupted between Gianni's 11 heirs over the family fortunes, fuelled by a fivefold rise in the value of Fiat shares.




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