Ferrari chairman John Elkann has agreed to pay a hefty settlement in connection to a tax dispute relating to the inheritance he received from his grandmother.

Elkann and his brother and sister will pay Italian tax authorities 183million euro (£158.4m; $214m), with John Elkann also agreeing to a year of community service.

John Elkann settles tax fraud dispute

The trio inherited an estate worth an estimated 800million euro (£692.4m; $953m) following their grandmother’s death in 2019.

In reaching an agreement over the matter, Elkann has made no admission of guilt in either the settlement fee or by agreeing to community service.

The latter concession also brings an end to a criminal investigation against him for tax fraud relating to the inheritance.

The matter must now be agreed upon by

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