[imagesource:here]

Leonardo del Vecchio, the brains behind Sunglass Hut, Ray-Ban, and Oakley, was Italy’s second-richest man.

Following his death last Monday, his vast fortune – worth an estimated $25,5 billion – will now be split, with billions going to each of his seven loved ones.

The 87-year-old eyewear mogul’s Luxembourg-based holding company Delfin and its assets will be put in the hands of his second wife, Nicoletta Zampillo, and six children – ranging in age from 18 to 65 – from three different relationships.

Del Vecchio had a classic rags-to-riches life story, becoming one of Italy’s most famous entrepreneurs after starting out as a mere factory apprentice.

He went on to hold a 25% direct stake in Delfin with the remaining 75% divided among his six children, according to Forbes.

$22,2 billion is tied up in his 32% stake in publicly traded EssilorLuxottica, the world’s largest eyewear firm:

The next most valuable assets are a nearly 10% stake in Italian insurer Generali, worth about $2.6 billion; just under 20% of Italian bank Mediobanca; 27% of French real estate investment firm Covivio and about 2% of Italian bank Unicredit.

Del Vecchio also owned the $26 million, 203-foot yacht Moneikos as well as nearly $80 million in other assets including real estate in Monaco, France and Luxembourg, a Gulfstream G650 jet, a yacht marina in northeastern Italy and a 13% stake in Luxembourg’s national airline Luxair.

Besides his grand fortune, del Vecchio also backed a substantial family.

There’s Claudio (age 65,) Marisa (63) and Paola (61) from his first marriage to Luciana Nervo, who he divorced in the 1990s.

Then there’s Leonardo Maria (27) from his marriage to Zampillo, whom he married in 1997, divorced in 2000, and later remarried in 2010.

Plus, there’s Luca (21) and Clemente (18) from his relationship with Sabina Grossi, a former Luxottica board member and the company’s former head of investor relations.

Del Vecchio’s oldest son, Claudio, is said to be the most like his father, proving himself by building his own name in business from the age of 25.

Leonardo Maria is also involved in the family business as the head of Italian retail for Luxottica.

But the other children – Paola, Marisa, Clemente, and Luca – have a much lower profile and are not known to be involved in any of del Vecchio’s companies.

Apparently, del Vecchio’s 25% stake in Delfin will pass to Zampillo, with certain conditions:

Delfin’s articles of association state that any financial decisions will need to be agreed upon by 88% of shareholders—effectively requiring unanimity among Del Vecchio’s heirs.

Forbes estimates that the 25% stake Zampillo stands to inherit is worth about $6.4 billion (pre-tax) while the six children’s stakes are each worth roughly $3.2 billion (pre-tax.)

Inheriting $3,2 billion would do me just fine.

Ah yes, the matter of inheritance tax, which is not a problem at all as del Vecchio’s estate will pass on to his heirs virtually tax-free:

Luxembourg, where Delfin is based, doesn’t tax inheritance if the deceased was not a resident of the country, while Monaco, where he resided until his death, doesn’t levy inheritance tax on assets passed to spouses or direct descendants.

How fortunate, indeed.

[source:forbes]