Harvard Teaches This Noble Family's Collapse. What Did They Lose to the Banks? | Octavian Pilati
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Harvard Teaches This Noble Family's Collapse. What Did They Lose to the Banks? | Octavian Pilati
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Octavian Graf Pilati's family has been in Lower Austria since 1730, when his ancestors, the Khevenhüllers, bought Burg Hardegg and the estate at Riegersburg. One of them ran Maria Theresa's court and was made a prince. Another went to Mexico with Emperor Maximilian. The estates fell into the Soviet zone in 1945 and the family spent ten years as refugees; when they came back in 1955, half the forest had been cut down.
In 2009 his father pledged those forests as security for the bank loans of a listed timber company planting teak in Costa Rica. His sons found out in 2010, when his older brother pulled the land registry documents. The timber volumes had been overstated and half the Costa Rican land was protected rainforest. The company went bankrupt, investigations ran in Austria and Costa Rica and nobody was prosecuted, and three Austrian banks called the pledges. Octavian was in his early twenties, sitting opposite them with a lawyer.
At the end of 2017 the family sold the entire forest and repaid every bank in full, with money left over. They kept the castle at Hardegg, sold the baroque palace at Ruegers in 2021, and ended up owning the teak plantations in Costa Rica. Harvard Business School teaches the story in a course called How Not to Bankrupt Your Family.