Berlusconi’s eldest children to control his business empire – as he leaves €100m to partner Marta Fascina

Former prime minister also gives €30m to close friend who has previous conviction for association with the mafia, according to his will

Silvio Berlusconi, right, and his partner Marta Fascina in Milan in February 2022 (AP)

Silvio Berlusconi's two eldest children will jointly share majority control of the business empire he founded, while his partner Marta Fascina will receive €100m (£85m), according to his will.

The Italian former prime minister, whose empire is estimated to be worth around €6bn, also left €100m to his younger brother Paolo in his will. As well as €30m to a former senator for his Forza Italia party who spent time in jail following a conviction for association with the mafia.

Details of the will were unsealed on Wednesday night. Marina and Pier Silvio Berlusconi, who both already have executive roles in parts of the business, will hold equal stakes jointly worth around 53 per cent in the Fininvest family holding company, a source said, confirming reports from the Italian Ansa news agency.

Marina chairs Fininvest while Pier Silvio has been in charge of the MFE-MediaForEurope TV business, which has long been the jewel in the family's crown. Mr Berlusconi's five children earlier said in a statement that “no shareholder will exercise overall individual indirect control of Fininvest SpA, previously exercised by their father”.

Under Italian law, children have a right to inherit two-thirds of a parent's wealth in equal parts, while the deceased is free to dispose of the remaining one-third as they see fit. Mr Berlusconi divided into equal parts among his five children two-thirds of the 61.3 per cent stake he owned in Fininvest, whose assets include investments in asset manager Banca Mediolanum and Serie A football club Monza.

He left the remaining one-third of his stake, roughly 20 per cent of Fininvest, to Marina and Pier Silvio, in equal amounts. Mr Berlusconi used the same formula for the rest of his estate – including properties such as Villa Certosa on Sardinia's Costa Smeralda, where he hosted leaders including Russian President Vladimir Putin, and works of art.

Barbara, Eleonora and Luigi Berlusconi, his three children from his second marriage, have been less involved in the family business.

Mr Berlusconi, who died in Milan on 12 June at the age of 86, made his inheritance decision back in 2006, a copy of the will seen by Reuters showed. He signed off his bequest with the words: “Thanks, so much love to all of you, your Dad.”

MFE's B shares on the Milan stock exchange slipped a little after the will was made public. The shares had risen on speculation the family could sell its stake, but MFE CEO Pier Silvio said this week that a sale had never been discussed.

Mr Berlusconi was not legally married to his partner, Ms Fascina, who is 33, though on his deathbed he would call her his wife.

The will was in an unsealed envelope and dated 19 January, 2022, coinciding with one of the occasions when Mr Berlusconi was admitted to Milan's San Raffaele hospital for treatment.

Marcello Dell'Utri was a close friend who was convicted of Mafia collusion in 2014. Mr Dell'Utri, who comes from Sicily, always denied the charges.

The €30m he has been bequeathed makes Mr Dell'Utri the only beneficiary of Mr Berlusconi's will outside of the tycoon's family.

“I have done nothing but cry since this morning,” Mr Dell'Utri told the Ansa news agency, saying he did not expect Berlusconi's bequest and adding it showed “the greatness of the man”.

“He was like a brother to me. We had known each other for more than 60 years. He always helped me. Even at university, he would share his notes,” Mr Dell'Utri told Ansa.

Reuters