Although Gianni Agnelli left shares of Dicembre to his wife, his daughter, and his oldest grandson, he made it clear that his chosen business successor would be the grandson. )She promptly called Gabetti, her father’s longtime aide-de-camp, and asked him, “What was the need for things to go so quickly?” She says he told her not to worry; everything would be cleared up in a month’s time, at a meeting before a notary in Turin. Although she says, “I have always believed that my main occupation was the one of being a mother,” she has also become a philanthropist, having co-founded Blue Orchard, a micro-credit company that now provides short-term, low-interest loans for women in 33 countries to help free them from the bondage of poverty and prostitution. “She was a very kindly mother—lots of cooking at home and baking biscuits and cakes,” says her cousin Marella Caracciolo Chia. She felt that if she didn’t get it out in the open it would destroy her. When Gianni Agnelli died, Fiat was, as his eldest sister, Suni, would say, “a mess.” Gabetti, who had retired to Switzerland, was persuaded by the family to return to save the company, which he eventually did, even though its shares had sunk 80 percent since 1998. “She was a likable young girl, friendly, open, a little bit of a rebel sometimes,” says her uncle Nicola Caracciolo. Who is in and who is out. What was the source of the deposit, she asked, which was the equivalent of about $140 million? An urgent meeting was called, and the heads of each branch of the Agnelli family traveled to Turin. “Was I going to let it go, or was I going to keep it in my stomach for another 10 years?” she asks. “Part of my family has been taken over by a Baroque and decadent logic,” he told the left-wing daily I visited Edoardo’s house, Villa Sole, a mustard-yellow palazzo in the hills above Turin, from which one has a glorious view of the ancient city of kings and the current home of Fiat, all framed by majestic Alps.
Coincidence?The parties are now awaiting a decision as to whether the case will be heard in Italy or in Switzerland, the official residence of both Margherita and Marella. The exclusive world of one of the twentieth century’s most glamorous and alluring women, as seen through her private homes and gardens. Dicembre controls Giovanni Agnelli & Company, a limited partnership which in turn controls a holding company called I.F.I., which in turn controls a $12 billion holding company called I.F.I.L., which owns a controlling 30 percent of Fiat Group, which owns Fiat Auto, Alfa Romeo, Maserati, and a majority of Ferrari, plus a diversified portfolio of holdings in the Juventus soccer team, Intesa Sanpaolo (Italy’s largest bank), and the U.S. real-estate services firm Cushman & Wakefield, among others. Agnelli had chosen Gianluigi Gabetti and Franzo Grande Stevens, who were the closest to him business-wise,” says Countess Marina Cicogna. She wrote Gabetti asking questions, but also, some say, issuing demands and making accusations. When Fiat was on the verge of defaulting on 3 billion euros in loans from a consortium of banks, Gabetti and Grande Stevens engineered what Fiat, however, was soon thriving, to such an extent that Margherita’s shares in Dicembre, which she had sold for 106 million euros in 2004, would be worth roughly twice that amount today.
Ironically, this mission has caused her to lose what she says matters most to her: her family.“Come in,” she says, opening the door of her large and imposing château on the shore of Lake Geneva. He was 33. In an effort to bring young people into the Agnelli businesses, Gabetti hired the smart, handsome son of the leader of Paris’s Jewish community to work at I.F.I. (Elkann did not respond to requests for comment.) “Anyone who’s known Gianni Agnelli knows for a fact that nothing could be further from the truth.
An insider says L’Avvocato was so confident of John’s ascension that he tried to change John’s last name from Elkann to Agnelli, which both Margherita and John, in respect to his father, resisted. Immediately, Gianni’s search for a successor “shifted dramatically to my family,” says Margherita. Day by day and step by step, one just keeps on finding new and clever ways to make them flourish, both in sunshine and in storm.”
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