How did an Italian waiter bring Hollywood studio MGM to its knees – and live to tell the tale?

As a seasoned documentary maker who has spent decades capturing stories from all corners of the world, I can confidently say that the tale of Giancarlo Parretti is one for the ages. The man who definitely didn’t steal Hollywood, but certainly left an indelible mark on Tinseltown, has a story so fantastical it could easily be mistaken for fiction.

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It’s understandable that the glamorous world of Hollywood would draw in individuals with big dreams and captivating tales, and Giancarlo Parretti was no exception. However, unlike many who find success in writing, acting, or directing, Parretti was a waiter turned hotelier turned business tycoon. His dream was to establish his own studio in Hollywood, and he managed to do so by spinning an extraordinary tale about his past and financial status.

In 1990, Gary Parretti acquired MGM, the studio known for The Wizard of Oz, Gone with the Wind, and Bond films, at a price of $1.3 billion. However, his short-lived leadership was marked by financial turmoil, including bounced checks to actors, massive layoffs, and an FBI probe into suspected accounting anomalies.

In this rephrased version, the sentence becomes: “The documentary titled ‘The Man Who Definitely Didn’t Steal Hollywood,’ directed by John Dower for BBC, delves into how it was done and the reasons behind it. This documentary features interviews with Parretti himself, and it is now slated to be made into a Hollywood film.

When I was filming when I was wondering why is he telling me all this stuff? It’s nuts

According to Dower, it’s an incredibly surprising tale. He’s been producing documentaries for 25 years and considers this person as one of the most captivating storytellers. There were instances during filming when I couldn’t help but question why he was sharing so many unusual details with me. It’s truly bizarre.

Parretti was left on the steps of Orvieto Cathedral as an infant just a few hours after his birth, according to Dower. “This is something we were able to verify,” he adds. Later in life, he worked as a waiter in London during the 1960s and claimed friendship with the Beatles and Winston Churchill. However, the question remains: Is any of that accurate? “It’s certainly true that he was in London,” Dower confirms.

In the 1970s, Parretti transitioned from being a waiter to owning multiple hotels, but the specifics of his rise to success remain unclear. “I never fully understood it,” acknowledges Dower. “He simply stated, ‘I’m self-made, I achieved success. I bought one hotel and then I acquired a few more.’

By the end of the 1980s, utilizing what others might refer to as innovative bookkeeping, I found myself delving into the world of cinema. I acquired several mini-studios and cinemas, eventually accumulating a staggering sum of over a billion dollars to purchase MGM. It’s intriguing that someone so eager to own a film studio, like me, had absolutely no familiarity with movies, as Dower puts it, “He hadn’t even heard of Citizen Kane.

For Parretti, buying MGM was secondary to the lifestyle his money allowed him to enjoy, including owning a $9 million, 14-room Beverly Hills mansion decorated with paintings by Goya, Picasso and Miro – which may or may not have been genuine – and a mahogany desk once used by legendary MGM boss Louis B Mayer. He drove a brown $200,000 Rolls-Royce, flew in a private jet and hung out with film stars. “He liked the art of the deal,” says Dower, “and he liked the status.”

How did an Italian waiter bring Hollywood studio MGM to its knees – and live to tell the tale?

During his brief stint as owner, Parretti’s management of MGM was disastrous, as evidenced by the movie that portrays the ludicrous events of his leadership – he made headlines by bringing a real lion to his inaugural press conference and appointed his 21-year-old daughter to a high-ranking financial position.

Looking back, the entire project appears as if it were predestined for collapse, leaving one to wonder why a company as esteemed as MGM permitted the sale to proceed. Dower alleges that they were complicit in this action. At the time of the sale, very little was known about this individual. One would assume that some investigation or background check would be prudent before making such a significant move, but it seems it was purely about the financial gains.

In a similar situation, both MGM and Parretti spotted an opening. However, whether his wealth was genuine or built on illusions, smoke, mirrors, and numerous shell companies was questionable. According to Dower, “I believe he simply bit off more than he could chew. He became intoxicated by his own success and kept pushing further. When he approached MGM, it all started to crumble in a matter of weeks. I think the issue was, the funds simply weren’t available.

It seems that Parretti won over many people due to his captivating charm, humor, and exceptional culinary skills. Dower describes him as utterly beguiling, saying “He’s just so delightful.” As a documentary filmmaker accustomed to eating meals from the back of a car, Parretti was cooking up homemade ravioli and seafood risottos for them with fine wine.

In March 1999 Giancarlo Parretti was found guilty of misuse of corporate funds and fraud and sentenced to four years’ prison but fled back to Italy days before sentencing. MGM filed for bankruptcy in 2010 and emerged from bankruptcy later that year. In 2022, MGM Holdings was bought by Jeff Bezos’s Amazon.

As for Parretti, at the moment, he resides peacefully in Umbria. “He lives in a grand estate,” remarks Dower, “so he’s not facing hardships.” “He plays tennis, he enjoys delicious lunches, and he seems to relish life,” says Dower. “I believe he’s quite content.” Wasn’t he able to evade the consequences, I wonder? “Indeed, he did. He absolutely did. He managed to escape the repercussions,” replies Dower.

2024-10-24 00:34

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