Camillo Castiglioni - business entrepreneur

Young man from Trieste who reached for the skies

Camillo Castiglioni
- a rare portrait

Camillo Castiglioni, a financier and aviation pioneer once reputed to be the wealthiest man in Central Europe, died on this day in 1957 in Rome.

Castiglioni was an Italian-Austrian banker who played a big part in the early days of aviation and also invested his wealth in the arts.

He was born in Trieste in 1879, when the port on the Adriatic, now firmly established as part of Italy, fell within the boundaries of Austria-Hungary.

His father, Vittorio, was a prominent figure in the large Jewish community in Trieste, where he was vice-rabbi, and there were hopes that Camillo might also become a rabbi. But after being educated in the law and working as an attorney and legal officer in a bank in Padua, where he quickly learnt about international finance and how to manage capital, it was clear his focus would be business.

Vittorio had been a rubber manufacturer and his son soon enjoyed financial success working as an agent in Vienna for a tyre maker in Constantinople.  He made good contacts both in business circles and the imperial court in Vienna, becoming a personal friend of the young Archduke Charles.

Enthused by the invention of the aeroplane, Castiglioni helped start the Viennese Aero Club and was appointed its general director. He recognised that the birth of aviation would give rise to a new industry and saw its financial potential, establishing his own ballooning and aviation company. He took the balloon driver examination successfully in 1909.

An early aircraft produced by Castiglioni's Hansa-Brandenburg
company, from a design by Ernst Heinkel

During the First World War, Castiglioni became one of the richest and most influential financiers in Central Europe.  He was the first major investor in the production of aircraft. He bought a German aircraft company, employing Ernst Heinkel as chief designer, and supplied aircraft for the German military.

Foreseeing also the opportunities presented by the growth of the car industry, he also acquired a majority holding in the Austro-Daimler vehicle company and was a significant influence in the development of the car maker BMW during its early years, employing Ferdinand Porsche as chief engineer.

But Castiglioni suffered a series of business setbacks and his financial empire broke up in 1926.

He lost millions in particular when he became involved in speculation on the devaluation of the French franc and in 1924 an Austrian bank, of which he had been president, collapsed. A warrant for his arrest was issued, but Castiglioni had taken care to acquire Italian citizenship and was safely outside the reach of the Austrian authorities.

He retired to Switzerland initially, but then moved to live in Milan, where he set up a private bank and built up a fortune again.  Although he developed a close working relationship with Mussolini, the race laws introduced by the Fascist government somewhat complicated his position. Castiglioni went back to Switzerland and later spent some time in the United States.

Josip Broz Tito, the future leader of Yugoslavia,
for whom Castiglioni arranged a loan

After the Second World War, through contacts made in the US, he returned to Italy and negotiated a large loan for his friend Josip Broz Tito, who would become the leader of communist Yugoslavia. When Tito refused to pay his commission, Castiglioni had his assets in Italy, which were worth millions, sequestered.

Away from his business activities, Castiglioni also built up a large art collection, including works by Donatello and some of the Venetian grand masters, although he had to sell much of it to refinance his business activities after his setbacks in the 1920s. He also established a theatre in Vienna.

Renowned for his dislike of publicity, he managed largely to avoid having his picture taken and few people recognised him in the street.  When he died in Rome at the age of 78, having been suffering from pneumonia, even the city's newspaper, Il Messaggero, devoted only a small space to his obituary.

He was at times accused of dubious practices in his banking activities and his life was documented in a an unflattering film in 1988, entitled ‘Camillo Castiglioni, or the morality of sharks’.


Travel tip:

The beautiful seaport of Trieste, where Camillo Castiglioni was born, officially became part of the Italian Republic in 1954. It is now the capital of the Friuli-Venezia Giulia region and one of the most prosperous areas of Italy. The city lies towards the end of a narrow strip of land situated between the Adriatic Sea and Slovenia and it is also just 30 kilometres north of Croatia. Trieste has been disputed territory for thousands of years and throughout its history has been influenced by its location at the crossroads of the Latin, Slavic and Germanic cultures.

Hotels in Trieste by Hotels.com

The Piazza Unità d'Italia in Trieste

Travel tip:

Trieste is lively and cosmopolitan and a major centre for trade and ship building. In 2012, Lonely Planet called Trieste ‘the world’s most underrated travel destination’. It is a fascinating place to visit because of the Venetian, Slovenian, Austrian and Hungarian influences in the architecture, culture and cuisine. As well as Italian, the local dialect, Triestino, is spoken along with Slovenian, German and Hungarian. Along the sea front, there are many excellent fish restaurants to try. Away from the sea, there are restaurants serving Italian, Friulian, Slovenian, Hungarian and Austrian dishes, and elegant bars line Canal Grande. Visitors can discover why Irish writer James Joyce enjoyed living in Trieste by visiting the Museo Joyce e Svevo, or what was believed to have been his favourite bar, Caffe Pirona.

More reading:

How designer Battista 'Pinin' Farina became a giant of the car industry

Vittorio Jano - engineer from Hungarian background behind Italy's motor racing success

How industrialist Enrico Piaggio created Italy's iconic Vespa scooter

Also on this day:

1737: The death of violin maker Antonio Stradivari




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From Rome to the North Pole

Aeronautical history launched from Ciampino airport

Umberto Nobile

On this day in 1926, an airship took off from Ciampino airport in Rome on the first leg of what would be an historic journey culminating in the first flight over the North Pole.

The expedition was the brainchild of the Norwegian polar explorer and expedition leader Roald Amundsen, but the pilot was the airship's designer, aeronautical engineer Umberto Nobile, who had an Italian crew.

They were joined in the project by millionaire American explorer Lincoln Ellsworth who, along with the Aero Club of Norway, financed the trip which was known as the Amundsen-Ellsworth 1926 Transpolar Flight.

Nobile - born in Lauro, near Avellino in Campania - designed the 160metres long craft on behalf of the Italian State Airship factory, who sold it to Ellsworth for $75,000.  Amundsen named the airship Norge, which means Norway in his native tongue.

The first leg of the flight north was due to have left Rome on 6 April but was delayed due to strong winds until the 10th.  The first stop-off point was at the Pulham Airship Station in England, from where it took off again for Oslo on 12 April. Three days later Nobile, Amundsen, Ellsworth and the crew flew on to Gatchina, near Leningrad, the journey taking 17 hours because of dense fog.

The movement of airships depended on the construction of sheds and mooring masts and delays in erecting masts, plus further bad weather, put back the team's departure from Gatchina to Kings Bay, Spitsbergen, which would be the final stop before the attempt to fly over the Pole.

In the meantime, a rival expedition led by the American explorer Richard E Byrd arrived.  His three-engined Fokker aeroplane took off from Spitsbergen on 9 May and returned 16 hours later, Byrd and co-pilot Floyd Bennett claiming to have overflown the Pole.

Umberto Nobile's airship Norge

Amundsen is said to have congratulated Byrd on beating him to the honour of being first but he and his colleagues decided to press on with their flight anyway, crossing the Pole on 11 May and going on to land in Alaska.  It was just as well they did.  Some years later, suspicions raised by the navigational data in Byrd's flight diary led to an admission from Bennett that their claim was fraudulent.

After a dispute with Amundsen over who should take the most credit for the mission's success, Nobile mounted a polar expedition of his own two years later but this one ended in disaster when his Italia airship, having successfully overflown the Pole, crashed into the ice on the way back to Kings Bay. Eight members of the 17-man crew were lost, two confirmed dead and six others presumed to have died, trapped on board the stricken Italia as it was swept away in high winds.

In a further tragic twist, Amundsen was killed during the rescue mission, having put aside his differences with Nobile to board a seaplane bound for Spitsbergen, only for the aircraft to crash en route.

Nobile eventually returned to Rome to a hero's welcome but an official enquiry accused him of abandoning his crew after the crash. He resigned from the Italian Air Force, in which he has risen to the rank of Major General. It took him 17 years to clear his name.

Having lived in the Soviet Union and then the United States, where he taught aeronautics at a university in Illinois, Nobile went back to Italy in 1942 and ultimately returned to the University of Naples, where he had been a student, to teach and write.  After the war, he ran for parliament as a member of the Italian Communist Party.

Nobile died in Rome on 30 July 1978 aged 93 after having celebrated the 50th anniversary of his two polar expeditions.

Travel tip:

Visitors to Rome can see a permanent exhibition celebrating Nobile's achievements at the Italian Air Force Museum at Vigna di Valle, about 45 kilometres north-west of the capital on the shores of Lago di Bracciano, where it occupies what used to be a seaplane station on the lake.  The museum is open every day except Mondays from 9am to 5.30pm in the summer months, 9am to 4.30pm in the winter.

The cathedral at Avellino
(Photo: Daniel Junger CC BY-SA 3.0)

Travel tip:

Avellino, which is situated about 42 kilometres north-east of Naples on a plain surrounded by mountains, has suffered more than its fair share of damage from earthquakes throughout its history and was also bombed during World War Two.  Avellino's cathedral, built in 1580, sits on the site of a Roman villa dating back to 129BC.  The Fountain of Bellerophon, built in the 17th century, is worth a look.

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