Willy Michiels: Legacy of the "King of Bingo" with €259M Fortune
Willy Michiels
The career path of Willy Michiels, nicknamed the "King of Bingo", is marked by a variety of activities, including distribution of café games and the development of a real estate empire. His daughter Mieke took over the reins of the family business after the sale of their games division. online at Waterland investment company in 2015.
Michiels' success in the gaming industry has enabled him to amass a substantial fortune of over 250 million euros, who was involved in various legal incidents. In particular, Michiels was involved in a case of corruption where he was convicted after being accused of influencing a gambling bill to favor his activities. He was suspended from his local political office following the conviction.
Michiels retired from most of his management functions in his companies towards the end of his life, leaving most of his activity focused on the real estate. He spent his last days expanding his collection of vintage and sports cars and engaging in social activities such as the Zoute Grand Prix rally in Knokke. He also owned a riding school and numerous properties, including the historic Moorsel castle.
Willy Michiels passed away in the summer of 2020. Before his death, he made his château available for an exhibition called Pikant! telling the story of lacemaking in Belgium, with a personal touch of his passion for the vintage vehicles displayed on the property.
The Willy Michiels estate, mainly represented by the Fico real estate company, was inherited by his daughters Veerle and Mieke. The company manages a substantial real estate portfolio, often linked to establishments horeca. Despite a depreciation in their real estate project in 2020, the sale of smaller properties in 2021 generated a significant profit. The Michiels sisters divided a considerable sum of the inheritance between them, with a notable difference in the form of payment between the two.
| Fico Portfolio Net Worth (2020) | Impairment loss (2020) | Profit from sales of goods (2021) | Payment to Filles Michiels (2021) |
|---|---|---|---|
| 92 million euros | 8.7 million euros | 56 million euros | 18 million euros each |
Activities and Involvement in the Real Estate Sector:
- Property acquisition through rental of café games.
- Management and development of real estate projects by Fico.
Cultural and social commitment:
- Participation in the Zoute Grand Prix.
- Pikant! exhibition at Château de Moorsel.
Personal assets:
- Collection of classic and sports cars.
- Real estate and equestrian center.
Wealth management after the death of Willy Michiels highlights the complexity of inheritance matters within prosperous families, as well as the key role of real estate in preserving the value of an estate.he family legacy and assets of over €259,368,280.
