Home Personal Finance Bulgari heirs battle over massive $129 million family trust

Bulgari heirs battle over massive $129 million family trust

by TodayDigitNews@gmail.com
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March 18, 2023 | 8:36 AM

This is not a glorious legacy for the family behind one of the world’s most enduring jewelery brands.

The two sisters, who inherited tens of millions of dollars from Italian fashion company Bulgari, have been battling over cash for years in a battle “covering most of Wall Street with subpoenas,” according to court documents. I got

Ilaria Bulgari has accused her 58-year-old sister Veronica of withholding information from her about a large family trust created for her mother Anna and left when she died in 2019 . the paper shows.

The sisters, along with their third brother, Natalia, 54, have each been paid out $40 million to date, but the dispute has dragged on in three different courts, involving dozens of lawyers and accountants. Ilaria has been reviewing financial transactions for 15 years. Living in Switzerland, she seeks to prove her claim that Manhattan resident Veronica failed to fully distribute her family’s wealth.

Ilaria Bvlgari is battling her sister in various courts over her family’s trust.
Daniele Venturelli

“It’s one of the things we’re trying to determine,” Ilaria’s attorney David Boyes said of what Bulgari’s sister could owe, calling it a “significant amount.” .

Veronica’s camp has declared Ilaria’s allegations to be “baseless,” claiming her endless legal battles simply drained the property’s funds. They said in court papers that they were to cover the costs of

None of Ilaria’s many attorneys disputed the trust’s 3,500-page financial review, the sources noted.

“Why didn’t they challenge the proxy court? This angered the sisters’ father, who cut her off financially.

“She alienates the whole family,” the source added.

Each sister received $40 million from a trust inherited from their mother.
Patrick McMullan via Getty Images

The controversy is so ugly that Veronica accuses Ilaria’s investor boyfriend Jean Boyer of being involved in the fight and declares that both Ilaria and Jean were married under Swiss law. claim spousal privilege even though they never actually exchanged vows.

“We consider ourselves a married couple,” Boyer said in a Manhattan federal court filing, adding that he expects to keep any support provided to Ilaria confidential.

Ultimately, Boyer was expelled for the incident earlier this month, Boies said.

The Bvlgari family sold the brand for $5 billion.
Getty Images

In a new lawsuit filed in Manhattan this week, Veronica alleges one of Ilaria’s many attorneys stooped so low that she tricked another set of attorneys into turning in real estate documents and refused to return them. are doing.

Veronica Bvlgari, the executor of her mother’s estate, claims her attorney, David Bumdad, called the attorney representing the estate and told her she was representing her ‘daughter’, but according to a recent lawsuit. and did not disclose that he was employed by Ilaria.

“That claim is not true,” Bamdad told the Post.

The sisters are descendants of Sotiri Bvlgari, whose humble family jewelery business has grown into a large family brand. Sold for $5.2 billion in cash and stock in 2011.

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