By Don Quijones: The Duchess of Alba, Spain’s second richest woman, passed away this week at the age of 88. She was the head of the world’s most ennobled family, with a staggering 46 noble titles to its name. Besides the titles and the privileges and prestige that come with them, the duchess left behind an estimated wealth of somewhere between €600 million and €3.2 billion.
The reason for such a gaping discrepancy is that it’s almost impossible to put a price tag on many of her family’s most valuable possessions. They include Christopher Columbus’ first ever map of the Americas; the first edition of Cervantes’ Don Quixote; the first ever Bible translated into Spanish; three Goyas, eight Rubens, a Velázquez and 15 Rembrandts. That’s not to count the family’s castles, palaces, stately homes and tens of thousands of hectares of land, almost all of which have been passed down to her children and grandchildren.
The Duchess’ eldest son, Carlos Fitz-James, is the new head of the family. As such, he will be responsible for preserving and growing its fortune – a responsibility that will no doubt be eased by the support and assistance of the Spanish government and the European Union. As El Diario reports, the family has already benefited from preferential treatment by the Spanish tax authorities: because of its cultural importance 90% of the family’s foundation is exempt from inheritance tax. As for the remaining 10%, it is to be taxed at an average rate of 0.2%, meaning that out of a total estimated wealth of up to €3.2 billion, the Duchess’ heirs will pay a piffling €6 million in tax.
The reason for such a gaping discrepancy is that it’s almost impossible to put a price tag on many of her family’s most valuable possessions. They include Christopher Columbus’ first ever map of the Americas; the first edition of Cervantes’ Don Quixote; the first ever Bible translated into Spanish; three Goyas, eight Rubens, a Velázquez and 15 Rembrandts. That’s not to count the family’s castles, palaces, stately homes and tens of thousands of hectares of land, almost all of which have been passed down to her children and grandchildren.
The Duchess’ eldest son, Carlos Fitz-James, is the new head of the family. As such, he will be responsible for preserving and growing its fortune – a responsibility that will no doubt be eased by the support and assistance of the Spanish government and the European Union. As El Diario reports, the family has already benefited from preferential treatment by the Spanish tax authorities: because of its cultural importance 90% of the family’s foundation is exempt from inheritance tax. As for the remaining 10%, it is to be taxed at an average rate of 0.2%, meaning that out of a total estimated wealth of up to €3.2 billion, the Duchess’ heirs will pay a piffling €6 million in tax.