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Despite selling over 100 million records and being one of the world’s highest-paid performers, the tenor had a £7 million overdraft at a Bologna bank according to financial statements. The notary responsible for assessing the inventory of his assets and debts, says the paperwork will take several more weeks to complete
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Bank accounts show Pavarotti’s debts ran into millions

22 OCTOBER 2007

He was one of the world’s larger than life figures and it seems Luciano Pavarotti’s debts were also of the super-size variety. It has emerged that the legendary tenor, who passed away last month age 71, left behind debts of £12 million. Despite selling over 100 million records and being one of the world’s highest-paid performers, he had a £7 million overdraft at a Bologna bank according to financial statements. On top of that he owed £5 million in mortgage repayments from his property portfolio, which included residences in New York, Monte Carlo, and his native Modena

The Italian daily La Repubblica, however, reports the opera star still had ‘liquid’ capital of £14 million in stocks, shares and cash at other banks. Still, the size of his fortune is considerably less than the £200 million initially believed to be his estimated wealth. By the terms of his Italian will Luciano's wife Nicoletta Mantovani, 37, is understood to be inheriting £5 million, while their child Alice and his three daughters from his first marriage are due to inherit £1.25 million each.

In a separate American testimony Pavarotti apparently left a New York apartment and a Henri Matisse painting to Nicoletta and Alice. Fabrizio Corsini, the lawyer representing the singer’s older daughters, has said he will be examining bank statements and documents. “We never imagined Pavarotti would owe so much,” he revealed. “We have received the paperwork and we are going through it with a fine tooth comb to see what exactly he had or didn’t have.”

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