Sestriere Up For Sale As Fiat Fortunes Wane

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Sestriere Up For Sale As Fiat Fortunes Wane

By J.D. O'Connor
June 12, 2006

When things were good, Gianni Agnelli - the late, great patriarch of the fabled firm of Fiat - would summon the company chopper for a lift from his villa in nearby Turin to the family-owned slopes of Sestriere.

There, he would jump out of the chopper with his skis on and carve out his ruts without ever having to stand in a lift line. Life was good.

And then things went bad.

Mr. Agnelli died in 2003. Almost immediately afterward plans were hatched to save the family fortune, significantly reduced by downturns in the marketplace, a company decision to stray from its core automobile business, and a perilous brush with bankruptcy.

Sestriere, built by the company in 1934, one of the first Italian resorts, and a key venue in the recent Winter Olympics, went on the block and found a buyer for a reported 30 million euro ($39 million US). The deal with an as-yet unnamed buyer is expected to be finalized by the end of this month.

Andrea Maria Colarelli, the mayor of Sestriere, called news of the deal: “the end of an era."

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