Bunhill: Gallery's cups do not runneth over
Sunday 23 October 1994
Their reluctance has nothing to do with the charms of the Italian-born PhD, wife of Charles Letts of diary fame, and everything to do with the fact that they were creditors of the Accademia and two of the minority who rejected the proposals for a Corporate Voluntary Arrangement last summer, under which the Accademia's creditors were offered around 70p in the pound over five years.
The CVA became inevitable because of total debts of around pounds 500,000, despite the backing of Prince Charles (who threw a fund-raising garden party), Rocco Forte and other worthies. It led to the abandonment of the mansion in Rutland Gate that the Accademia had leased from Glaxo - which has now sold the lease at a profit. The Accademia is using Smith's Galleries only until it completes negotiations for leasing the magnificent Victorian Royal College of Organists building in Kensington.
If Dr Letts' plan works - and it will if her past record has anything to do with it - the building will feature not only a gallery but also a club and restaurant, to be run by a Well- Known Restaurateur.
Future plans could even include an exhibition of paintings by an as-yet unknown artist, who has proved surprisingly reticent about her talents but was first spotted by another artist called in to paint her with her two daughters. Step forward the Rosa Bonheur of the 1990s - none other than Fergie.
- 1 Bruce Jenner's 'Interview of the year': Suicidal thoughts, rejection by family members and new wardrobe
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 How to turn off/stop 'seen by' on Facebook: Disable it to make your chats seem less passive aggressive
- 4 'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
- 5 Buckingham Palace guard who attacked passers-by in 'most most violent piece of CCTV footage' police officer had seen walks free
Top 20 misconceptions people believe are true
Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
Nepal earthquake: More than 1,100 killed across four countries and in Mount Everest avalanche
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
The sickening truth about food banks that the Tories don't want you to know
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...
£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...