Thursday, April 28, 2005

Palazzo Grazzi Sold

Venice's renowed Palazzo Grazzi, which had been owned by Fiat, has been sold. Palazzo Grazzi dates back to 1740 and was designed by Giorgio Massari. In recent times, Palazzo Grassi, which was restored by the architect Gae Aulenti, has functioned as one of Venice's premier museums. Recent shows have featured the workds of Dali, the Pharaohs, Andy Warhol, and Leonardo & Venice.

Here's the news report on the sale:

PINAULT'S PURCHASE OF PALAZZO GRASSI APPROVED
(AGI) - Venice, Apr. 28 - Venice's Palazzo Grassi has been sold to French collector Fran├žois Pinault. In a note, the Venice city council informs that company "Casino' Municipale di Venezia S.p.a.has agreed to selling 80 per cent of Palazzo Grassi Spa company capital after acquiring the remaining 49pct of Fiat Partecipazioni Spa's stakes. After the unanimous approval of its board, Casino' Municipale has proceeded to selling the building". The note adds that "Artis company will pay 28,900,000 euro to Casino Spa in the face of 28,600,000 expenses. The remaining 20pct of the company's capital will be used as capital gain". Casino Spa agreed to sell the building on condition that the original contract be adjusted to its cultural, economic and political needs. Under the purchase agreement, Palazzo Grassi will host a number of exhibitions featuring contributions from "modern art collectros such as Fran├žois Pinault". (AGI) (From AGI Online, http://www.agi.it)

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