Pavarotti left behind PS7m debt - and a chunk of real estateMarch 3rd, 2008 - 4:04 pm ICT by admin
London, Mar 3 (ANI): Legendary opera singer Luciano Pavarotti not only left a whopping debt of around 7 million pounds on his death, but also a whole chain of properties in many countries like Italy, the United States and Monte Carlo.
His three adult daughters and his second wife will inherit the veteran stars estate as per his will, reports the Telegraph.
Giorgio Cariani, a notary has drafted a 100-page document to highlight the exact worth of the singers estate in order to avert any kind of legal battle over its division.
According to the Italian law, half of Pavarotti’s estate will be given to his four daughters, while one fourth will go to Nicoletta Mantovani, his second wife and widow.
But his last three wills indicated that the final quarter, that includes an apartment and various works of art in New York, should also be given to Mantovani.
Pavarotti passed away in September last year with 7.5 million pounds overdrawn on one current account, and with 3.5 million pounds of mortgages.
But, other accounts owned by him in local banks around his hometown of Modena had around 4 million pounds. He also held possession of two large mansions, one in Modena and one in Pesaro, both with swimming pools and extensive grounds.
He owned a neighbouring restaurant, racecourse and stables, and a further nine apartments in Modena. He also had a “jewel” of a two-bedroom apartment in Prince Charlotte Boulevard, Monte Carlo.
The statement of his wealth also consisted of his royalties, works of art and jewellery, as well as several stage costumes, which were noted down as “impossible to value”. (ANI)
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