Former Italian prime minister Silvio Berlusconi, who died at the age of 86 last month, left control of the Milan-based family holding company, Fininvest, to his two eldest children, according to his will, which was made public on Thursday.
Marina and Pier Silvio, who both have executive roles in the family business, will jointly hold a majority 53 per cent stake, a report by Italian news agency Ansa said.
The four-time prime minister held a 61 per cent stake in the family holding company. He was estimated to have had a net worth of $7.56 billion at the time of his death and was the world’s 303rd-wealthiest person, according to the Bloomberg Billionaires Index.
Business magazine Forbes estimated his personal wealth to be worth $6.9 billion.
One of Italy's richest men, he had amassed wealth across the property, television, cinema and sport sectors.
His five children earlier said in a statement that “no shareholder will exercise overall individual indirect control of Fininvest, previously exercised by their father”.
Berlusconi, who died in Milan on June 12, was suffering from leukaemia and had recently contracted a lung infection.
His investments were grouped under the umbrella group, Fininvest.
Marina, 56, chaired Fininvest while Pier Silvio, 54, has been in charge of MFE, Italy’s biggest private broadcaster, which their father founded.
The two have held management roles in the family business since the early 1990s.
Meanwhile, Barbara, Eleonora and Luigi, his three children from his second marriage, have been less involved in the family business.
Fininvest also owns Italian Serie A football club Monza and a stake in asset manager Mediolanum Bank.
Silvio Berlusconi, former Italian PM, dies at 86
Forbes estimated that the overall Berlusconi family assets, which include luxury properties in Milan, Rome and Sardinia, were worth around $6.8 billion, of which about two thirds were held by holding company Fininvest.
Berlusconi made his inheritance decision concerning Fininvest in 2006, Reuters reported.
He signed off his will with the handwritten words: “Thanks, so much love to all of you, your Dad.”
Berlusconi also left €100 million each ($109 million) to Marta Fascina, 33, his partner at the time of his death, and his younger brother Paolo, according to the will.
In a letter that was enclosed in his will, he wrote: “Whatever the amount, be prepared. They will say it's too much or not enough. Never that it's right.”
The former prime minister also left €30 million to Marcello Dell’Utri, a close political and business adviser.
Berlusconi, who wed and divorced twice, never formally married Ms Fascina, but the two celebrated a non-religious, unofficial ceremony to celebrate their union in 2022.
Fascina is a politician with Berlusconi’s Forza Italia party.
In his will, Berlusconi said the bequests for Ms Fascina, his brother and Mr Dell’Utri, were in recognition “of the love I had for them and the love they had for me”.
He served a total of more than nine years as prime minister during four terms between 1994 and 2011.
He became a billionaire for the first time in 1988, according to estimates by Forbes.
Berlusconi had suffered from ill health for years. He had heart surgery in 2016 and was admitted to hospital after contracting Covid-19 in 2020. He had also had prostate cancer.
