Is Onassis Heiress Really a Billionaire?

N E W  Y O R K, March 14 -- Not since Princess Diana bore the heir to the British throne has the international press so loudly trumpeted a birthday.

When Onassis heiress, Athina Roussel, turned 18 in late January, she inherited the mantle of one of the world's renowned shipping empires, founded by her grandfather Aristotle Onassis. Press reports suggested that Athina's inheritance, held in trust since her mother Christina died in 1988, is worth as much as $3 billion.

Her portfolio was reported to include the Olympic shipping entities, as well as luxury real estate in London, Paris and St. Moritz. She also laid claim to the famed Greek island of Skorpios, where Aristotle wed Jacqueline Kennedy in 1968.

But above and beyond these, which were well known as belonging to the Onassis clan, there were stupefying reports of other assets, like a Brazilian baby food factory, gold bullion, an airline, a Japanese electronics concern, even an Iranian chemical company. As many as 300 oddball companies were held in trust for her, some reported.

Call it a case of Greek myth. There is no proof that the Onassis family ever owned most of these. "The list is quite fancy and thoroughly inaccurate," Barbara Charamis told us in 1996.

What Did She Actually Inherit?

Charamis should know. She handles public relations for the Alexander S. Onassis Public Benefit Foundation, which was established by Aristotle Onassis in memory of his son, who died in a 1973 plane crash. Ari's will dictated that his assets be equally divided between daughter Christina and the Onassis Foundation.

Christina, who died at the age of 37 while on vacation in Argentina, left her fortune to her only child, Athina, just 3 at the time of her mother's death. The estate was to be supervised by a five-person advisory board consisting of Christina's ex-husband — Athina's father — Thierry Roussel and four of Aristotle's business confidants.

But Roussel and the foundation executives fought bitterly over how to run the estate. In 1999, Swiss courts handed over the administration of Athina's fortune to KPMG Fides, a Swiss auditing firm, which keeps the portfolio a closely guarded secret.