It’s Hard to be the King of Spain These Days! Juan Carlos Gives Up His $27 Million Yacht

Leah Bourne

It’s hard to be the king of Spain these day! King Juan Carlos I (pictured) has given up his $27 million yacht in a show of solidarity with the Spanish people—Spain’s economy remains incredibly troubled and there is record unemployment in the country.
The yacht was originally donated to the king by a business group, but became a source of embarrassment considering it costs $25,000 just to refuel. Like other assets including the royal palaces, the luxury yacht is owned by the state and managed by the National Heritage for the use of the 75-year-old king and his family.
The Spanish royal family has faced allegations of corruption based on its lavish spending. Last year, for instance, the king went on a luxury elephant hunting expedition in Botswana. Thus the timing for the decision by the king to donate the yacht to the government—who could decide to either keep it or sell it.
 

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