Joe Berardo and daughter risk being evicted from the homes where they live

A decision dated December 26 gives CGD the power to move forward with the sale of Atram’s assets, which were seized to pay off Berardo’s debts to Caixa Geral de Depósitos. Berardo will appeal.

Joe Berardo and his daughter could be evicted from the luxury homes where they live in Lisbon, following a decision by the Lisbon Civil Court that authorized Caixa Geral de Depósitos (CGD) to execute Atram’s assets – Real Estate Society. The properties, valued at around four million euros, were seized in 2019 due to a debt of 50 million euros owed by the businessman to CGD.

The court decision, dated December 26, disregards Atram’s legal personality, allowing CGD to proceed with the execution and sale of the company’s assets. According to the court, it was proven that Berardo misused Atram to protect your personal and family assets, frustrating creditors.

Despite having already announced that he will appeal, Berardo will not have a suspensive effect on the execution. The businessman, who considers the decision illegal, argues that Atram was created before any credit can be claimed and who has not been a shareholder of the company for more than a decade.

Sources close to the businessman heard by the guarantor also that CGD’s credits are secured by the guarantees of its works of art, valued at 1.5 billion euros.

Berardo resides in a 430 m² 5-bedroom apartment in Lisbon, purchased in 1999 and sold to Atram in 2008 as part of a capital increase. The daughter lives in a 4-bedroom apartment in Lapa, acquired by Atram in 2006. Both properties are in CGD’s sights to pay off the debt and are valued at 4 million euros.

CGD has already foreclosed on the businessman’s other assets, including a garage in Funchal, sold for 23 thousand euros in 2022and the contents of his residence in Lisbon, which was auctioned in 2024. Among the items auctioned were silver pieces, furniture and works of art, with basic prices between 30 and 28 thousand euros.

Atram, based in Azeitão, was also sold by Berardo to his late wife in 2011, by donation. The businessman argues that he never intended to hide assets or harm creditors, but CGD is taking action to recover the amount owed.