§        In 1962 “The Consortium Costa Smeralda” was founded by seven real estate entrepreneurs, known as the Founding Partners. The purpose  ( Art.4 of the Statute which has now become Art.5) was to study and promote the urban zoning, to build and maintain the infrastructures, promote  the building possibilities of the land with the local authorities and carry out everything necessary to increase the real estate development for the financial success of their real estate operations;

§        The property belonging to the original Founding Partners has passed ownership several times and has now been reduced, while there are approximately 4000 “small” members in the Consortium Costa Smeralda, each one owning one or two properties;

§        The successors of the Founding Partners have still large areas of land to develop;

§        The Consortium Costa Smeralda administration is as always controlled by those members with the Founding Partners rights and is managed for their interests as according to the Bylaws.

§        The interests of the 4000 owners of single properties, the “small Consortium Members”, are not sufficiently guaranteed under the Bylaws of the Consortium Costa Smeralda.


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