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Big Ego, Big Palazzo: Critics Defeat Single Bill Gates' Roman Conquest of Real Estate

Bill Gates calls it Buon Giorno in Rome.

More than 2,000 acres of major farmland in northeastern North DakotaBrand new owners Millionaires — add extra luxury to a fast-growing real estate portfolio Is being added. Palazzo Marini in Rome. Gates reports plans to convert a 17th-century building near the legendary Spanish staircase into a six-star hotel.

The building is very close to the Fountain of Trevi, Piazza di Spagna and Via Condotti, not far from Piazza Navona and Via Veneto.

Gates, 66, former Microsoft CEO, largest shareholder, and his frequent investment partner, Prince Al Waleed Bin Talal of Saudi Arabia, 67, is about to join the property. I'm paying $ 170 million.Corriere della Sera report.

Palazzo is reportedly a"real fixer upper", as a pop-up Ikea shop selling kitchen utensils, and in the legislature of the National House of Representatives. It is used as a dining room. in recent years.

Gates is reportedly turning the Palazzo Marini in Rome into a "six star" hotel.
Jamie McCarthy

Gates and the Prince pay a fortune to turn the building This luxury hotel spans four blocks in the heart of Rome and may include approximately 100 rooms and space for a conference center, gym and spa. 

No such ranking officially exists, but it is planned as a "Six Star" hotel. According to at least one travel reporter, other very upscale hotels worthy of six stars include Burj Al Arab in Dubai, Baua Olac in Zurich, Le Bristol in Paris, Mandarin Oriental in Thailand, Taj Farak Numa Palace in South India.

Gates and Prince Alwaweed bought the venerable Danieli Hotel on the Grand Canal of Venice earlier this year because the Venetian did not want foreign investors to take control of the property. The effort to doput me in a pinch.

Gates and his frequent investment partner, Saudi Arabian Prince Alwaleed bin Talal (above), are paying about $170 million for the property.
Bloomberg via Getty Images
The Palazzo Marini is reportedly a "real fixer upper" that's been used as a pop-up Ikea shop selling kitchenware and as a canteen for legislators in Italy's lower house of Parliament in recent years.
Getty Images' Mondadli Portfolio

Gates' real estate venture is managed and controversial by Cascade Investment LLC, a non-charitable division of his empire. I have.

The Attorney General of North Dakota has recently acquired land in North Dakota to ensure that the Gates Trust meets the rules outlined in the State's Anti-Corporate Agricultural Law. I asked you to explain how to use it. The law prohibits all companies or limited liability companies from owning or leasing farmland or ranch land, with a few exceptions.

North Dakota Agricultural Commissioners have also told local television stations that they are being exploited by ultra-rich people who scoop up local land but do not necessarily share local values. He said he was feeling.

Many Gates critics have long been skeptical about how some of his philanthropy can help himself and other large corporations. Nationis one of the largest and most powerful companies in the world with tax-deductible charity donations of approximately $ 2 billion out of 19,000 charitable donations by the Gates Foundation in 2020. Reported that it was donated to. GlaxoSmithKline, Unilever, IBM, NBC Universal Media and more.

Gates is now the owner ofthe country's largest privately owned farmlandand a flowering hotel owner. From his 27-year-old wife Melinda French last May.

"Gates' vanity decision seems to suggest what he is, like this reported 6-star Palazzo luxury hotel venture."Author Lindsay Maggoy, "There is no such thing as a free gift: Gates Foundation and Charity Prices,"told the post.

The Danieli Hotel in Venice declined Gates' purchase attempts earlier this year because Venetians didn't want foreign investors taking control of the property.
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"The question is why people make him the happiness of the world. Did he consider him a benevolent emperor? Usually when his own well-being seems to be of utmost importance. "

Gian Lorenzo Bernini began construction of the Palazzo Marini in 1650. It housed many noble families for many years. Pope Innocent XII took over at some point and temporarily became the headquarters of the Pope.

The building has declined in recent years as developers had to sell at a discounted price after being arrested for bribes in 2016.

The Palazzo Marini is next to famous attractions in Rome like the Trevi Fountain and the Spanish Steps.
Getty Images

Locals transform Palazzo Marini into a top of the transformation I hope that. The-line Hotel brings to life the depressed tourism economy of Rome. During the pandemic, 410 of the 1200 hotels in the city were closed.

Gates' Cascade Investmentdominated   Four Season September 2021 Hotels and ResortsPurchased about half of Prince Al Waleed Bin Talal's stock for $ 2,121 million.

Prince Al Waleed will continue to own the remaining shares through his investment vehicle Kingdom Holding Co. Four seasons stated in last year's statement. Al Waleed is worth about $ 18 billion.

Gates' real-estate ventures have picked up steam since his divorce from his wife of 27 years, Melinda French, last May.
Robin Hood's Getty Images

Four Seasons did not answer the call from the post.

Prince's holdings include shares in Lyft, Twitter, Citigroup, Hotel George V in Paris, and The Savoy Hotel in London. Alwaweed is also one of the outside supporters of Elon Musk's acquisition of Twitter.

Gates' myriad real estate investments are often far less flashy than his new acquisition of Rome.

Last year, a Land Report reporter bought a new owner of a major farmlandin eastern Washington for $ 171 million and tracked it to an LLC with revenues of less than $ 300,000. did. Only two employees in the small Bayeux town of Monterey, Louisiana.

He finally tracked LLC to Cascade Investments and Gates. The Cascade has been managed by the propaganda shy Michael Larson since 1994. Michael Larson said last year the New York Times fostered "culture of fear" at the company.