Industrialist buys Venice palazzo for art

VENICE, Italy, May 3 (UPI) -- Retired Italian industrialist Guido Terruzzi, known as the "nickel king," has purchased controlling interest in Venice's historic Palazzo Grassi.

Terruzzi's $33.5 million expenditure will ensure he has a place to house his extensive art collection, The Art Newspaper reported Tuesday.

Terruzi, 75, bought a 95 percent stake in the 18th century structure on the Grand Canal, with the city of Venice retaining 5 percent interest, the report said. Venice recently purchased the palazzo from Fiat, the financially-ailing Italian carmaker that had modernized it 20 years ago as a gallery for temporary art exhibitions.

Venice Mayor Paolo Costa called Terruzzi's collection is "the most important private collection in the world" and said it will be "a great resource for the city." The collection includes 4,000 works including Old Master paintings, modern art, and decorative art and will occupy the upper two floors of the palazzo, leaving the lower floors for temporary shows.