Saturday, June 25

Carlos Fitz-James Stuart reaffirms his power as the new Duke of Alba | People

The death of Cayetana de Alba on November 20, 2014 marked a before and after for the family and for La Casa, a term that some of its members use to refer to the family conglomerate. Just over a month after this date, Carlos Fitz-James Stuart, the new Duke of Alba, marked the territory that granted him his first-born status and made it clear that things were going to change. The new House of Alba was made up of him and his sons, Fernando and Carlos, and the family compromises that served in their mother’s time took another course, the one that has been marking the new in recent years. boss.

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Cayetano Martínez de Irujo, one of the youngest members of this family of six brothers – the other five are the current Duke of Alba, Alfonso, Jacobo, Fernando and Eugenia – related the first family fracture in a book he published in September 2019, From Cayetana to Cayetano. In this work, which none of the brothers liked because they discovered intimacies of family life that they would have preferred to keep out of the public spotlight, he related that on January 1, 2015, his brother Carlos “took everything” from him. And he specified: “It took away all the powers that I had within the palace and within the structure, left me without pay, left me on the street. I had no income ”.

In October 2019 there was another disagreement derived from the fact that the Alba family manages a huge historical heritage and a millionaire inheritance in assets. They are brothers but also professional partners and not all of them always agree on how decisions are made or the direction that Carlos Fitz-James Stuart is giving to that giant company that is Casa de Alba. On that date, the reason for the disagreement between the brothers was the Duke’s decisions about one of the family companies: Euroexplotaciones Agrarias SA The company manages farms and land, which are quantified in thousands of hectares, where cereals are mainly grown and have more 55,000 head of cattle. The 2018 report presented more than 4.6 million euros in its income statement compared to just over 364,000 in 2017, although it is true that in order to achieve this, the new duke and his team decided to sell a piece of land belonging to said company for four million. of euros and revert this capital in Euroexplotaciones Agrarias.

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Carlos Fitz-James Stuart in a file photo with his two sons, Fernando and Carlos.
Carlos Fitz-James Stuart in a file photo with his two sons, Fernando and Carlos. UGI / GTRES

Then the shareholders’ meeting – the Duke of Alba owner of 84% of the shares and his brothers, Alfonso (2.89%), Jacobo (2.89%), Eugenia (2.45%), Cayetano (1.12 %) and Fernando as secretary – was forced to accept the decision not to distribute dividends and reinvest profits as its president wanted, who is none other than Carlos Fitz-James Stuart. A resolution that caused Alfonso to withdraw from the company at the same time and sell his shares for just over 250,000 euros and that the rest of the brothers have gradually disappeared from it, until only the current Duke, his children and Fernando Martínez de Irujo as counselor and secretary. Everything has been done discreetly, in the style of the current Duke of Alba.

The children of the Duchess of Alba and her widower, Alfonso Díaz, at their mother's funeral, on November 21, 2014 in Seville.  GTRESONLINE
The children of the Duchess of Alba and her widower, Alfonso Díaz, at their mother’s funeral, on November 21, 2014 in Seville. GTRESONLINEGtresonline

Now, while the House of Alba prepares the second wedding of lineage in the main branch of the family – that of the Duke’s youngest son, Carlos, Duke of Osorno, with Belén Corsini – the accounts seem to endorse the decisions of Carlos Fitz-James Stuart and validate his work at the head of the heritage he inherited from his noble ancestors. Each brother manages the part of the land that corresponded to him in the inheritance, some of which, in addition to being dedicated to agriculture and livestock, also host renewable energy facilities. Most of the assets of La Casa (palaces, works of art, historical documents) are part of the Casa de Alba Foundation and some properties are transferred to public institutions that are responsible for preserving them at the same time they are used. The current duke also made the decision to open the family’s main palaces to the public, a way that that heritage can be enjoyed by citizens while raising funds for its expensive maintenance. First it was the Palace of Dueñas, in Seville; then that of Liria, in Madrid and later that of Monterrey, in Salamanca; although in the first two, a part is not open to the public because it is reserved for private use.

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The balance sheet of Euroexplotaciones Agrarias SA, which has been published recently, confirms that the accounts are responsive. In 2019 the company has obtained a little more than one million euros in profits after deducting taxes and the amount of its turnover has also increased slightly. Carlos Fitz-James Stuart, surrounded by specialized advisers, seems to have hit the key to unite his perfectionism with profitability, the modernization of the most deeply-rooted Spanish noble title with the preservation of its history and heritage. The next wedding of his son, which will be held on May 22 in Madrid’s Palacio de Liria, will also say if he has been able to make his brothers understand his position and leave behind the differences to appear together in a family celebration.

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