Ferrari boss John Elkann drawn into renewed family dispute over Agnelli legacy. A handwritten will of Gianni Agnelli from 1998 — missing for 27 years — has resurfaced during raids tied to investigations into John Elkann.

A document revealed during Guardia di Finanza raids may rewrite the inheritance path that gave John Elkann control of Exor. It’s a handwritten will from Gianni Agnelli dated January 20, 1998 — missing for 27 years — and found during searches in 2024 in Elkann’s residences and offices. The will was filed in court by lawyer Dario Trevisan, representing Margherita Agnelli de Pahlen, in her civil suit against John, Lapo, and Ginevra Elkann over her father’s estate.

Contesting the 25% stake in Dicembre

Margherita’s lawyers, Trevisan and Valeria Proli, argue that the 1998 will shows the 25% stake in holding company Dicembre was never meant to go entirely to John Elkann. According to their interpretation, most of that share should have been allocated to Edoardo (who died in 2000) and, in his absence, to his heirs — Marella Caracciolo and Margherita herself. The document was recovered from the offices of lawyer Franzo Grande Stevens during the Turin investigation and added to the civil dossier between Margherita and the Elkanns.

In the will, Agnelli stipulated, “to modify previous dispositions,” that his stake in Dicembre — “approximately 25 percent” — should go to his son Edoardo. He added, “I am confident that my other relatives, already owners of similar shares, will accept this without contest.” Trevisan claims this will was never revoked or altered, arguing it was concealed and ignored for decades, and that it contradicts what became John Elkann’s inheritance.

Legal drama and tax investigations

This old testament emerged during investigations into Ferrari chairman John Elkann and accountant Gianluca Ferrero, accused of fabricating a false Swiss residence for Marella Caracciolo to exclude Margherita from inheritance and dodge Italian taxes. Authorities uncovered hidden assets in trusts and offshore entities worth over €1 billion. Elkann paid €183 million to the Italian tax authority and has requested a probation arrangement. A judge will rule on whether to continue the criminal case on October 27; meanwhile, prosecutors have approved continuation after the payment.

The seized documents are now part of the civil litigation, in which Margherita is requesting that her mother’s Swiss residency be invalidated, the will favoring the Elkann grandchildren annulled, and a 2004 settlement with Marella rescinded. At stake is the control of Dicembre — currently held 60% by John Elkann and 20% each by Lapo and Ginevra — which ensures dominance over Exor and the Agnelli empire. Trevisan also raises doubts about whether Marella knew of the 1998 will, and suggests she might have been misled when making donations and transfers to John. He contends that the “hidden will” constitutes a powerful reason for a radical revision of Dicembre’s ownership structure and a moral argument that Gianni Agnelli’s last wishes were betrayed.

In response, John, Lapo, and Ginevra’s attorneys assert that the alleged will — submitted only as a photocopy by Margherita in the civil case — does not affect the Agnelli or Caracciolo estates or Dicembre’s governance. They claim Edoardo was already deceased when Agnelli died, so shares naturally passed to Marella and Margherita. They refer to the 2004 settlement as definitive, excluding Margherita from Dicembre’s capital, and argue any external claim after 20+ years is legally extinguished. According to them, Their move appears more aimed at stirring media confusion than presenting rigorous legal arguments.