The March family's empire: They reorganize their assets seeking to sell in Mallorca

The March family constitutes one of the great fortunes of Spain. They represent a hidden power in the high finance of our country. They are the Marches, a dominant surname, which has used all unimaginable means to reach the social pinnacle. However, little by little, the Marches are reinvesting the inheritance of Juan March Ordinas.

Recently, it has been revealed that one of the family possessions has been put up for sale for 20 million euros. It is the Santa Cirga estate in Mallorca, located between Manacor and Porto Cristo. 

The property in question covers 200,000 square meters and is owned by Agrogestion SL, controlled by Leonor March Sencillo and Álvaro Chico de Guzmán. The former is the granddaughter of Juan March and the latter is the great-grandson.

As published by the Diario de Mallorca, it was announced "by mistake" that the Consell de Mallorca had acquired the estate. What does seem to be true is the Consell's intention to acquire this estate. The gardens of this property have hosted several weddings that have brought together the main faces of the jet set, including the Royal House.

It is relevant to highlight that the wedding of Leonor March Sencillo's daughter took place at the Santa Cirga estate in July 1997. The wedding of Ana Chico de Guzmán March and José María Castillejo Oriol was attended by Felipe de Borbón, then Prince of Asturias. The current King of Spain was close to the groom, the Count of Floridablanca. 

For decades, the Marches have reorganized the heritage inherited from Juan March Ordinas. We review how this family empire was forged and what its essential pieces are. It was in the 20th century when Juan March acquired the Santa Cirga estate.

The empire of the 'pirate of the Mediterranean'

There are few great-grandchildren of Juan March Ordinas, known by the nickname "the last pirate of the Mediterranean," who intend to continue with the prosperous and multimillion-dollar financial business he left them. 

But all of them will indeed be the heirs of an empire that took its first steps with tobacco smuggling between Morocco and the Balearic Islands. They currently hold a fortune valued at more than 2.4 billion dollars which, given the complexity of their financial network, could be just a part of their wealth. 

This is mainly concentrated in Banca March—the tenth bank in the country, of which they are the sole owners—and in Corporación Financiera Alba, their investment arm created in 1986, which is publicly traded and of which they have an absolute majority. 

The Marches were key partners of the construction company ACS, where they controlled more than 20 percent of its capital. However, in 2017 they left Florentino Pérez's company. They were also partners of the media group Sogecable and Prosegur. 

However, they are shareholders of Acerinox with 21% and have stakes in the ABC Serrano shopping center in Madrid. Besides their financial projects, they own a true real estate empire.

Among others, the Altarejos estate located in the Sierra Norte of Seville stands out. It covers 10,000 hectares and has its own airstrip. Also in Andalusia, they own the El Águila estate, located between Córdoba and Seville. In Mallorca, they are the main owners of hunting grounds on the island with estates like Sa Vall.

It should be noted that in January 2025 they bought 6% of the elite school group Nord Anglia for 580 million euros. This group is one of the world leaders in private education, with 80 schools in 33 countries and more than 85,000 students. In Spain, it has two centers in Madrid and Barcelona.

They also have one of the most important art collections in Spain and two Foundations, managed independently (the Juan March and the Bartolomé March), which have ennobled their fortune and are financed with their own resources. 

The Foundations are the cultured image of this family saga that has become a cultural asset of the Spanish State. It is the perfect conjunction of money and culture.

The origins and successes of the Marches

The March family descends from the chuetas, converted Mallorcan Jews. The patriarch was Juan March Ordinas, born in 1880 in Santa Margalida (Mallorca). He was a smuggler, banker, politician, and the first great modern entrepreneur in Spain. His story is marked by opportunism and political astuteness.

March knew how to navigate between the Republic and Francoism. He founded newspapers like El Día and Informaciones to protect his businesses. He supported the UCD during the Transition, the Reformist Party, and then maintained ties with the PSOE and the PP.

He had two sons: Juan March Servera and Bartolomé March Servera. The first inherited financial control. The second dedicated himself to art and collecting. Upon Juan's death, his wife, Carmen Delgado, temporarily took command.

Their four children inherited the estate: Gloria, Leonor, Carlos, and Juan. Carlos and Juan March Delgado took control in 1973. They were 28 and 33 years old. They have always divided the positions: presidency of Banca March, the Juan March Foundation, and the holding Corporación Financiera Alba.

Carlos is more public. A brilliant jurist, member of the Trilateral, director of JP Morgan, and influential businessman. Juan, more reserved, is an engineer and avid reader, passionate about classical music.

The Marches have woven a family business model, closed, prudent, and effective. They share strategic decisions. They own 84% of Banca March and 100% of Corporación Financiera Alba, one of the largest holdings in the country. They prefer long-term investments. They seek participation and influence without executive control.

They invested in Simago, Uralita, San Miguel, Pryca, Canal Plus, Airtel, Sogecable, among many others. They played a key role in the creation of ACS, through the merger of Ginés and Navarro with OCP. They also invested in Unión Fenosa, Urbis, and Abertis.

They partnered with great fortunes: Polanco, Abelló, the Koplowitz, Entrecanales, Florentino Pérez, or David Rockefeller. They bet on elite banking. In the 70s they created Banco de Progreso and bought Banco de Asturias. In the 80s they founded Natwest March. They sold well and reinvested.

They tried to enter Banco Popular, but were stopped by the Valls Taberner brothers. Even so, they obtained enormous capital gains. Then they bought Banco Urquijo, which they sold in two phases until 2004.

Heirs and legacy

The family owns more than 100 km² in Mallorca. Estates like Sa Vall, Son Fiol, or Ternelles are in their hands. The Sa Vall estate, 37 km², has botanical gardens, lakes, and exotic fauna. They live between Madrid, London, and the island.

The fourth generation is already present. Juan March Lastra, son of Carlos, joined the board in 2005. He studied at the Universidad Carlos III and worked at JP Morgan. He is married to María Herrero, daughter of banker Ignacio Herrero. He chairs March Gestión de Fondos and is a director of Acerinox.

Gadea March, one of the most visible members of the fourth generation of the family, married Nicolás G. Camino in the summer of 2001. The wedding took place at the family estate in Zafra (Extremadura) and brought together prominent guests such as designer Valentino, Isabel Sartorius, Prince Kyril of Bulgaria with Rosario Nadal, Alberto Cortina with Elena Cue, and Fernando Fernández Tapias with Nuria González. Gadea stands out in the equestrian world, especially in dressage competitions at the Club de Campo de Madrid, with horses like "Tictac de la Fosse."

Her cousin Carmen March, daughter of Juan March and María Antonia Juan, has followed a different path. Born in Palma in 1974 and graduated in Geography and History, she left history and finance to dedicate herself to fashion design. She founded Egotherapy, together with Juanjo Oliva, and has presented collections at the Cibeles and Gaudí catwalks. Since then, she has dressed personalities like Queen Letizia and has established herself as a reference designer in Spain.

Another prominent figure is Leonor March, the third daughter of Juan March Juan. Although she studied Biology in Brighton, she specialized in Art History. In 2002 she married director Jaime Rosales de Fontcuberta, known for films like Las horas del día and Petra. Jaime, linked to Catalan nobility, has maintained a solid career in auteur cinema, with recognitions in Cannes and San Sebastián. The wedding was described by the press as "the wedding of the year in Mallorca," held at Sa Vall and with more than 500 guests.

The rest of the March saga

María, the second daughter, was born in Monaco and studied Translation and Interpretation at the European University of Madrid, alongside María Zurita Borbón. Catalina, the fourth, is an architect. The youngest, Juan, was born in New York and studied Law and Business Administration at CUNEF. All of them participate annually in the traditional "L'Encontre" procession in Palma, along with other illustrious families like the Dezcallar or the Escarrer.

Juan Carlos Villalonga March, son of Gloria, is part of the Kovacs Foundation and manages several estates in Mallorca. Mercedes Vilardell March, daughter of Leonor, is an art collector and organizes cultural events like "La noche del Arte" in Pollença. Her sister Carmen, a psychologist specializing in anxiety, has a practice in the Salamanca district.

Bartolomé March Servera, brother of the patriarch Juan March Juan, founded the Bartolomé March Foundation in 1976, based in the Palau March in Palma. His artistic legacy includes the Torre Cega in Cala Rajada, with works by Chillida, and a library with 70,000 volumes.

He had four children: Leonor, Juan (deceased in 1992), Marita, and Manuel. Leonor March Cencillo married Javier Chico de Guzmán, VI Duke of Ahumada. Her daughter Ana María married José María Castillejo de Oriol, VII Count of Floridablanca, linked to the "Becerril clan" and founder of Vivavoce and Zinkia (Pocoyó). The wedding had Prince Felipe as a witness.

Marita March married Alfonso Fierro Lopera. Their children are Bibiana, dedicated to artistic exhibitions; Juan, an expert in Sicav and former director of Morgan Stanley; Alfonso, linked to Capital Dealers and friend of Alejandro Agag; and Bartolomé, trained at Colegio Retamar.

The Fierro-March group made tourist investments alongside Thomas Cook and own properties like the Biniforani estate, in the Sierra de Tramuntana, considered one of their patrimonial jewels.

Manuel March Cencillo, who came to preside over the Bartolomé March Foundation, was replaced in 2004 by Luis Alberto Salazar Simpson, after family disputes. That year, the conflict over the possession of artworks like The Countess of Benavente, by Goya, valued at more than nine million euros, became public.

The patriarch Bartolomé died in 1998 in Paris. His inheritance, of more than 60 million euros, was distributed among his children Marita, Leonor, and Manuel. His ex-wife, Maritín Cencillo, renounced her legitimate share. A fourth heir, Maruja Torres, with whom Bartolomé lived in Paris, was also recognized in the distribution.