Former Italian Prime Minister Silvio Berlusconi dies aged 86

Colombo (News 1st) - Flamboyant former Italian Prime Minister Silvio Berlusconi has died in a Milan hospital of cancer aged 86, after a long illness, Italian media reported.

Berlusconi was a media tycoon known for his often scandalous style, and was one of the wealthiest people in Italy with a net worth of approximately USD 8 billion. He served as prime minister in three governments for nine years, and was the longest-serving prime minister in post-war Italy.

He was the majority shareholder in the media company Mediaset and also owned the famed soccer clubs AC Milan and AC Monza.

A giant of Italian politics, he served in the Chamber of Deputies (the lower house of parliament) for 19 years and late became a member of the Senate for 10 years. He was also a Member of the European Parliament for 5 years.

He was convicted of tax fraud in 2013 but did not serve any time in prison. His personal life was often scandalous with media revelations of consorting with prostitutes and underage girls.