Calisto Tanzi: Italy police seize secret stash of masterpieces

Authorities estimated the 19 masterpieces stashed away in attics and basements were valued at some euro100 million ($150 million).

Parma Prosecutor Gerardo Laguardia said that, based on wiretapped phone conversations, officials believed at least one of the paintings hidden by Calisto Tanzi was about to be sold.

"We got lucky. We learned that there were negotiations under way to sell one of the paintings" and raid three apartments in the area of Parma, near Parmalat's headquarters, Laguardia said in an interview on Italy's Sky TG24 TV. He didn't identify the painting.

Bologna-based tax Police Col. Piero Iovino told The Associated Press by telephone that investigators believed the entire batch of paintings, watercolors and drawings were up to be sold. The prospective buyer was a Russian, possibly living in Italy, Iovino said.

No arrests were announced as part of the art seizure.

For years after the collapse, Tanzi was rumored to have had a "hidden treasure" somewhere. On Nov. 29, a state TV show alleged that Tanzi had hidden a collection of artwork to try to shelter himself from the effects of looming collapse of Parmalat.