The rise and fall of Giancarlo Parretti: A Hollywood saga
A waiter’s dream: From Sicily to Hollywood
The story of Giancarlo Parretti is one that seems almost too fantastical to be true. Born in Italy, Parretti’s journey from a humble waiter to a high-flying financier who bought MGM in 1990 is now set to be immortalized on the big screen. This tale of ambition, intrigue, and downfall is being brought to life by independent Los Angeles-based film producer Niels Juul, known for his work on “Ferrari” and “Killers of the Flower Moon.”
Juul has tracked down Parretti, now 82, who resides in a luxurious palazzo in Orvieto, Italy. At the Venice Film Festival, Juul is shopping a screenplay for the biopic titled “The Lion of Orvieto”. The script, penned by TV comedy writer Michael O’Rourke, is based on extensive research and an unpublished book containing in-depth interviews with Parretti.
The making of a mogul
Raised in an orphanage before being adopted at the age of six, Parretti’s ascent into high-stakes financial dealings began when he became a head waiter in Syracuse, Sicily. By the 1970s, he had moved into business, buying several hotels in the region. Rumors swirled that his initial capital came from the Mafia, though Parretti has always denied this.
Parretti later partnered with Tuscan businessman Florio Fiorini, and together they became well-known in Italy for buying and selling a wide range of companies, from banks and insurance outfits to travel entities and real estate. They built a small business empire using what promotional materials describe as “very questionable and ‘creative’ accounting methods.”
Hollywood dreams and financial nightmares
Parretti’s foray into show business began in 1988 when he paid $200 million for the Cannon Group, a mini-studio in Los Angeles on the brink of bankruptcy. Later that year, he acquired France’s Pathe Cinema for $160 million, which owned 1,500 European movie theaters. The pinnacle of his ambitions came when he and Fiorini paid $1.3 billion to buy MGM from U.S. financier Kirk Kerkorian, with backing from French bank Credit Lyonnais.
However, Parretti’s control over MGM was short-lived. Credit Lyonnais soon seized the studio, accusing him of defaulting on loans and financial wrongdoing. Parretti has always maintained that the bank conspired against him.
A tale worth telling
Juul describes the film’s tone as a blend of “Get Shorty” and “The Wolf of Wall Street.” He believes that Giancarlo Parretti’s story deserves to be told not just because of Parretti’s larger-than-life character, but because it offers a glimpse into a side of Hollywood that no longer exists.
In Hollywood, Parretti lived in a 14-room Beverly Hills mansion adorned with paintings by Goya, Picasso, and Miro. He drove a red Rolls-Royce and owned a mahogany desk once used by MGM boss Louis B. Mayer. The film will feature real-life characters such as Marlon Brando, Michael Jackson, Frank Sinatra, Elizabeth Taylor, and Ronald Reagan.
The search for the right vision
Juul is currently on the lookout for a director who can bring this vision to life. “We need to find our director, someone who has the vision for this. We think it needs to be someone from Hollywood,” Juul said. He also emphasized the importance of finding the right partners in both Italy and the U.S.
When asked about Parretti’s current legal status, Juul mentioned that while Parretti might not be visiting the U.S. anytime soon, he claims he can go there.
A cinematic journey awaits
The story of Giancarlo Parretti is a compelling narrative of ambition, excess, and downfall. As Juul continues to develop “The Lion of Orvieto,” cinema enthusiasts can look forward to a film that promises to be as dramatic and captivating as the life it portrays.
For those eager to delve deeper into this fascinating tale, keep an eye out for updates on the film’s progress. In the meantime, explore the world of cinema and TV series through trailers and information pages to stay connected with the latest in entertainment.
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