The son of Italy’s last king, Prince Vittorio Emanuele, was last week in the news after he was arrested on fraud claims involving casinos, high-class prostitutes and tampering with slot machines.

What is less known is his interest in Malta. In the years before 1987, the prince dreamt of creating a tourist ghetto for the super rich at Manoel Island. Together with Spanish financier Juan Blas Sitges, he planned a harbour for 837 yachts, 400 villas, two five-star hotels, a golf club, a park and a museum dedicated to a historic reconstruction of the 1565 siege of Malta as well as a luxury casino.

The plan spoke of an investment of 150 million dollars, a Swiss consortium and the consent of the then Labour leader Carmelo Mifsud Bonnici.

According to reports in the Italian press these past days, the Manoel Island dream matured at Gstaad and at the restaurant of the Hotel du Rhone in Geneva, with the addition of the youthful lawyer Mark Micallef, described as ‘an ardent monarchic supporter’ who was to have been the third partner.

The plan disintegrated in the Spring of 1987 and Dr Micallef, who insisted he had been tricked, sought damages from the prince. He alleged the prince did not keep up with his commitments, and wanted to transform Manoel Island into a tax paradise, with the Maltese excluded from there.