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Billionaire Flick Drops $7 Million Austria Road-Move Plan

Ingrid Flick, widow of late German-Austrian billionaire Friedrich Karl Flick, abandoned plans to shift a road along the Woerthersee lake for as much as 5.5 million euros ($7.1 million) after local objections.

Flick decided yesterday to put “all further steps for the Woerthersee project on hold until it can be assured that all affected residents and the population is behind such a project,” her family office said in a statement today.

Flick in July agreed to buy the land where the road is located from the Province of Carinthia in southern Austria for 1.5 million euros and pay as much as 4 million euros for the construction of a new road 900 meters (984 yards) further from the shore, according to state broadcaster ORF. This triggered local protests with more than 1,000 people, including fellow billionaire Heidi Horten, signing a petition opposing the project, ORF said.

The road relocation would have increased Flick’s property by 6,000 square meters (65,000 square feet), lifting its value, ORF said. Flick said in the statement that the proposed project would have included the financing of a cycling path, an observation deck and public access to the lake.

The Flick family is worth about 5.9 billion euros, while Horten is worth about 2.8 billion euros, according to Trend magazine.

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