The Flambouriaris Foundation brings great prospects for Corfu

On Thursday, February 1st, the identical public wills of Spyros and Emilia Flambouriaris were published at the competent court.

The wills establish the Flambouriaris Foundation based in Corfu and endow it with a real estate and movable property exceeding a value of 30 million Euros!

The Foundation receives the entire property of the Cavalieri Hotel, consisting of 5 floors, ground floor, basement, and attic, with a total area of ​​2,200 square metres, along with all its equipment. The hotel continues its operation uninterrupted. Additionally, the estate "Serénissima," covering an area of ​​7.5 stremma by the sea in Pirgi - Ipsos, with an area of ​​1,000 square metres including a pool, impressive furnishings and decorations, and significant artworks, is transferred to the Foundation. Emilia Flambouriari also bequeaths to the Foundation a penthouse apartment, 130 square metres (fully furnished), in the heart of Kolonaki, Athens (on the streets of Herodotus and Patriarch Ioakim).

Both testators explicitly stated in their wills that they transfer to the Foundation "any other real estate and movable property, including any form of assets, whether tangible or intangible, whether in full ownership or partial ownership of any percentage found worldwide and not mentioned" in the wills!! Thus, immediately added is the 48% ownership of an anonymous company to which a recently completed mansion of 800 sq.m. with a pool, etc., in Pirgi-Ipsos also belongs. Additionally, Spyros Flambouriaris transfers 1,000,000 Euros in cash.

The wills establish the statutes of the Foundation, which will be governed by a Board of Directors consisting of Elias Capodistrias (Manager of Cavalieri Hotel), lawyer and Ionian Islands Deputy Regional Governor Spyros Ioannou, the President of the Reading Society and civil engineer Thanasis Makris, economist Yiannis Livadiotis, and Dr. Martin Royalton, Curator of the British Museum. Furthermore, they stipulate that the Cavalieri will continue to operate, as it has up to now, and the mansion in Pirgi will also be utilised, rented out with staff.

Finally, Elias Capodistrias and Spyros Ioannou are appointed Executors of the wills, having accepted their appointment, thus already possessing the powers, duties, and rights provided for by the Civil Code for the defence and detailed recording of the estate and the progress of the Foundation's organisation, in other words, the implementation of the wills.

The immediate future, of course, presents difficulties. Firstly, bureaucratic ones, as the Foundation will be under the control of the Ministry of Finance, which will need to approve the establishment with many details and will lead to the issuance of a Presidential Decree. Subsequently, the Ministry will continue an incomplete audit, as with all Foundations.

It is evident that the Board of Directors will have a lot of work and responsibility. Their appointment is an honour from the testators (I know well because I discussed all the details of the selection of individuals with Spyros Flambouriaris for a long time) and I am certain that they understand their duties and possess the qualifications and good reputation to ensure excellent and honest management.

Moreover, the size of the foundation requires immediate assistance from Nikos Dendias, the Members of Parliament, and the local authorities, while additional security is provided by the beneficiary Associations (explicitly named) such as the Reading Society, Mantzaris Philharmonic Society, and Capodistrias Philharmonic Society. The Administrative Boards of the Associations must understand that they have acquired a child that will initially have infantile problems and they must always take care and protect it. Additionally, the Executors must act immediately, especially in these first few days, to record movable assets, secure artworks, and consult (perhaps with international consultants) to rescue deposits, bonds, or other valuable items, which are surely held in various banks abroad or even within Greece.

The wills also include other safety measures, such as an age limit of 85 years for members of the Board of Directors, election-replacement of members who are not related to previous members up to the fourth degree of blood or affinity (to avoid known "occupations," "seizures," and nepotism), annual publication of the balance sheet, audits by the beneficiary Associations, and so on.

In any case, the testators have given their entire estate and provided a framework for the proper functioning of the Foundation. I want to believe that the Corfiot society has every interest in embracing the Foundation and safeguarding its operation over time. The clear and explicitly stated decision of the testators is for the Cavalieri Hotel and the mansion in Ipsos to operate as tourist enterprises, with significant revenues distributed to the three Associations, as well as scholarships for Corfiot students and support for cultural associations. I must also mention the significant previous donations of Spyros Flambouriaris in recent years, both to the Reading Society (300,000 Euros for internal renovation of the building, installation of air conditioning, and elevator) and to the other Associations (Mantzaros and Capodistrias Philharmonic Societies).

Before concluding this article, I cannot resist the temptation to denounce various known individuals who eagerly engaged in petty gossip to criticise the Flambouriaris siblings and to bring obstacles and petty comments to various decisions (e.g., the placement of an obelisk, which I trust will soon be placed with the new Mayor).

The wills, which deserve to be published and made more widely known, provide a resounding answer to the foolish, revealing the love for Corfu, the greatness, and the foresight of the testators who will remain in history alongside other great benefactors (such as Maria Capodistria), while other Corfiot families who were supposed to leave legacies have already been forgotten (politicians Theotokis, Desyllas, and many others).

The Flambouriaris siblings have gifted Corfu with a very significant Foundation, which can endure for many decades with evident benefits for the place. It is up to all of us to realise the magnitude of this donation and to help as good Corfiots. The Foundation must and will have a bright future.

Dr. Marios Don. Paipetis