How did an Italian waiter bring Louis B Mayer’s Hollywood studio to its knees – and live to tell the tale?

As I delve deeper into the captivating tale of Giancarlo Parretti, I find myself utterly enchanted by this larger-than-life character who dared to dream big and, at times, defy gravity itself. His journey from an abandoned baby on the steps of Orvieto Cathedral to a Hollywood tycoon is nothing short of extraordinary, a true testament to the power of audacity and charm.

It’s understandable that the allure of Hollywood drew in visionaries like Giancarlo Parretti, given its history with dreamers and narrators. Yet, unlike many who flocked to Tinseltown as writers, actors, or directors, Parretti was a unique figure: he started off as a waiter, transitioned into hotel ownership, and eventually became a businessman. His ambition, however, wasn’t confined to the hospitality industry; instead, he aspired to own his very own Hollywood studio. This lofty goal was realized by weaving an extraordinary tale about his past accomplishments and wealth.

In 1990, Gary Parretti acquired MGM, the studio known for producing classics like The Wizard of Oz, Gone with the Wind, and Bond films, at a cost of $1.3 billion. However, his time in office was marked by turmoil, featuring bounced checks to actors, massive layoffs, and an FBI probe into suspected financial mismanagement.

In a captivating BBC documentary titled “The Man Who Definitely Didn’t Steal Hollywood,” directed by John Dower, the methods he used and his reasons are delved into. This documentary includes interviews with Parretti himself, and it’s soon slated to be turned into a Hollywood film.

According to Dower, it’s an incredibly extraordinary tale. For over 25 years, he’s been producing documentaries and he considers the person as one of the most captivating storytellers. At times while filming, I found myself questioning why he was sharing so many unusual details. It’s simply bizarre.

Parretti was left on the steps of Orvieto Cathedral shortly after his birth, as verified by Dower. It’s said that he later worked as a waiter in London during the 1960s and claimed to have befriended the Beatles and Winston Churchill. However, is any of that accurate? “He was indeed present in London,” Dower confirms.

Parretti transitioned from being a waiter to owning multiple hotels in the 1970s, yet the details behind his rise to success remain obscure. Dower acknowledges that he never fully understood it. “He simply stated, ‘I’m self-made, I achieved success. I bought one hotel and then acquired a few more,'” says Dower.

By the late 1980s, I found myself dabbling in the realm of cinema with what some might call an innovative approach to financial management. Acquiring mini-studios and cinemas was just the beginning, as I later amassed a staggering billion dollars to purchase MGM – a feat that may have raised eyebrows given my lack of knowledge about films. Shockingly, for someone so eager to own a film studio, I confess that my movie education was virtually non-existent. 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.”

During a single, tumultuous year, Parretti’s management of MGM was marked by farcical events, as depicted in the film. His leadership was characterized by bizarre decisions such as introducing a real lion at his inaugural press conference and appointing his 21-year-old daughter to the position of vice-president of finance.

Reflecting on the situation now, it appears the entire project was set up for failure from the start, which raises questions as to why a prestigious company like MGM permitted the sale to proceed. As Dower points out, “MGM is part of the problem,” given that at the time, no one had any knowledge about this individual. It seems prudent that some investigation or background check would have been conducted, but it appears the focus was solely on financial gains.

It seems that both MGM and Parretti saw a chance, yet it didn’t matter if Parretti’s wealth was questionable, built on illusions and numerous shell companies. According to Dower, “I believe he simply bit off more than he could chew. He became intoxicated by his own success and kept pushing forward. And then suddenly, he came across MGM, which started falling apart in a matter of weeks. I think the issue was, the funds just weren’t available.

As a cinephile, let me tell you, Parretti had an undeniable charm that left quite an impression. Dower put it perfectly when he said, “He’s enchanting, simply irresistible.” He was witty, entertaining, and to top it off, a marvelous chef. As a documentary filmmaker accustomed to subsisting on garage sandwiches during shoots, his culinary skills were nothing short of amazing. He whipped up homemade ravioli, seafood risotto, and even paired them with delicious wine – quite the treat for us!

Back in March 1999, Giancarlo Parretti was convicted of mismanaging company finances and committing fraud, receiving a four-year prison sentence. However, he left for Italy just days prior to sentencing. MGM went bankrupt in 2010, but managed to recover and exit bankruptcy the same year. In 2022, MGM Holdings was acquired by Amazon, owned by Jeff Bezos.

Regarding Parretti, he currently resides tranquilly in Umbria at this age of 82. As Dower puts it, “He lives in a grand estate, so he’s not facing hardships.” “He plays tennis, he enjoys delightful lunches, he seems to relish life,” Dower adds. “I believe he’s extremely content.” My thought is that he managed to escape unscathed, didn’t he? Dower agrees, “Indeed, he did. He did. He successfully escaped any repercussions.

The Man Who Definitely Didn’t Steal Hollywood is available to watch now on BBC iPlayer.

2024-10-21 18:37

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