What is Allegra Versace's Net Worth?
Allegra Versace is an Italian fashion heiress who has a net worth of $900 million. She is the niece of legendary fashion designer Gianni Versace. Her mother is Donatella Versace (Gianni's sister) and her father is a former fashion model named Paul Beck.
After Gianni's death, Versace struggled to recapture the success it had when the flamboyant designs of Gianni defined the label. Allegra's mother Donatella took over the design duties for a period but sales dropped. In 2014 the family sold a 20% stake in the company to a private equity firm at a valuation of $1.4 billion. The investment infused Versace with a little more than $200 million in cash. Neither Allegra nor her mother were willing to give up any of their shares. The shares came from Santos' 30% stake in Gianni Versace S.p.A. The cash infusion helped the brand open more company owned stores, regain control over licensed products, and expand Versace's reach into China. In September 2018, Michael Kors Holdings announced a deal to buy Versace S.p.A. for $2.2 billion. After taxes, Allegra wasn't quite be a billionaire, but with various dividends over the years, she will come very close.
Allegra and mother Donatella/ Stuart Wilson/Getty Images
Versace Death and Inheritance
When Allegra Versace was 11 years old, her famous uncle Gianni Versace was tragically murdered by a deranged fan outside his Miami mansion. Gianni, who had no children of his own, left 50% of the fashion house that bared his name to Allegra, his favorite niece. Gianni left 20% of Versace to his sister Donatella and the remaining 30% to his brother Santos. Allegra was instantly worth hundreds of millions of dollars on paper.
When Gianna died, Allegra's net worth instantly became hundreds of millions of dollars on paper. Just prior to his death, Gianni, Donatella and Santo had been arranging to take Versace public at a $1-2 billion valuation. There had been concerns that the brand would not survive without Gianni. Because she was only 11 years old, the company was guided for the next decade by Donatella and the uncle Santo Versace. Allegra has spent much time actively learning the ins and outs of the family businesses and is starting to take a much more authoritative role. She currently is a board member of Versace. She could have taken full control over Versace upon turning 18 in 2004, but she instead chose to stay in background. She took a larger control of the day-to-day operations when she turned 24 in 2010. Allegra has also worked as a dresser on theatrical productions in New York City.
Allegra and Donatella Versace/ Chris Jackson/Getty Images
Early Life
Allegra Versace was born on June 30, 1986, in Milan, Italy. Her mother, Donatella Versace, is a fashion designer, and her father, Paul Beck, is a former fashion model. Allegra and her younger brother, Daniel, grew up outside Milan, Italy, and she was once gifted a piano by Sir Elton John, though she never learned to play it. Versace spent nine years taking ballet classes during her youth, and for her birthday one year, Gianni's gift to Allegra was the opportunity to dance with Maurice Béjart. Allegra and Daniel found out that their beloved uncle had been murdered when a news bulletin interrupted the cartoon they were watching. Allegra was devastated by Gianni's death, and Donatella sought counseling for her heartbroken daughter after the tragedy.
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Versace attended The Sir James Henderson School (which later came to be known as The British School of Milan), then enrolled at Brown University in Rhode Island. In 2006, she transferred to the University of California, Los Angeles (UCLA) and began studying theatre, French, and art history. Speaking of this time in her life, Allegra has said:
"Above all, I wanted one thing — to be no one, to not be recognized, not be hunted down. I studied theater, and it pleased me greatly to play parts in little independent films that perhaps no one went to see."
Life After Gianni's Death
Allegra spent the years following her uncle's murder working as a student and aspiring actress. Despite her position in life, she has largely attempted to keep a low profile and has said that she hates celebrity. Versace has battled anorexia, which is understandable considering the spotlight she grew up under and the tragedy she experienced at a young age. Today she splits her time between homes in New York and Milan.
Versace Acquisitions
In 2014, Versace sold a 20% stake in the firm to private equity firm Blackstone. The investment valued Versace at roughly $1.4 billion. Subsequently, Allegra's 50% stake was worth around $700 million. On September 25, 2018, Michael Kors Holdings announced it had struck a deal to acquire Versace for $2.2 billion. After taxes, Allegra wasn't quite a billionaire, but with dividends over the years she will come very close.
