Francisco D’Agostino wins court-ordered asset seizure from Manuel March over failed estate deal

Francisco D’Agostino, a hispano-Venezuelan businessman residing in Spain and active in global investment ventures, has secured a court victory in Spain that has resulted in the full seizure of the assets of Manuel March Cencillo, grandson of Juan March Ordinas, the founder of Banca March. The case revolves around a failed sale agreement involving the Son Galcerán estate, a historic property on the island of Mallorca.

In 2021, March entered into an agreement to sell the estate to a company linked to D’Agostino for approximately £6.3 million. As part of the transaction, an advance of £2.15 million was paid. However, March unilaterally withdrew from the deal and subsequently sold the estate to another buyer for £9.5 million. He failed to return the initial deposit to the original buyer.

In April 2024, a Madrid court ruled in favour of D’Agostino’s side, ordering March to repay the £2.15 million along with £270,000 in damages as stipulated in the original contract. When March failed to meet the court’s payment deadline, the Court of First Instance No. 10 of Madrid initiated enforcement proceedings. On 11 June 2025, the court issued an order to seize all of March’s assets, including shares in investment funds, real estate holdings, company stakes, and domestic and international bank accounts.

The amount now owed has increased to roughly £2.95 million after including accrued interest and legal fees. The judge stressed that the decision was final and no longer subject to appeal, citing March’s failure to respond adequately or make any partial payment toward the judgment.

The Son Galcerán estate, originally owned by Archduke Ludwig Salvator of Austria and once visited by Empress Elisabeth of Austria, holds historic and cultural significance in Mallorca. The court found that March’s decision to cancel the sale lacked any credible justification and appeared to be motivated solely by the opportunity to sell at a higher price.

D’Agostino, who maintains strong business ties in Europe and Latin America, is also known for being the brother-in-law of Luis Alfonso de Borbón, a descendant of Spanish royalty and prominent figure in the aristocracy. Despite the public interest that relationship has attracted, D’Agostino has remained focused on his international investment operations.

Earlier this year, D’Agostino was delisted from the U.S. Treasury Department’s sanctions list after authorities concluded that his commercial activities bore no connection to the government of Nicolás Maduro.