Citigroup Former Boss Parsons Eyes Profit in Italian Wine
Citigroup Former Boss Parsons Eyes Profit in Italian Wine
Nov 12, 2012 6
(Bloomberg) - Former Citigroup Inc. (C) Chairman Richard Parsons, whose career in banking and media saw him at the helm of the industries’ biggest companies, is betting he can make money in retirement in the wine-rich Tuscan hills.
Twelve years after buying Il Palazzone, a Montalcino vineyard perched on the ancient trail to Rome, Parsons is getting serious about winemaking, turning a hobby into a business. He’s built a new cellar he inaugurated with this year’s harvest and plans to double production of his finest wine, Brunello, turning Il Palazzone into a profitable activity within five years.
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