King Albert still on spending spree

  September 20, 2009 at 2:48 pm by

It hasn’t been a good summer for King Albert’s image. After all the controversy surrounding the acquisition of a new yacht, registering it in Italy and avoiding to pay taxes to both the Belgian and the Italian government by registering the yacht as a military vessel, the finances of King Albert II of Belgium have again come under severe criticism.

Royalty watcher Kathy Pauwels had the opportunity to see papers stating that the King bought two luxury apartments and three garages in the city of Ostend, for a total of between 1.5 and 2 million euros. According to several sources, the apartments, for a total of 500 m², were bought as an investment, and the King will not use them personally, as securing an apartment building is too difficult and his safety cannot be ensured.

This spikes again the mockery of the King’s call for less materialism early in the year. It seems that the King’s behaviour stands in contrast with his words. Other people say that the King is giving the good example, letting the money roll in times of economic hardship to get the economy going again.

From the TRF Avatar Collection

In Ostend, however, people are generally happy with the King’s investment, as the apartments are part of a new complex which still has to be built, so the investment is appreciated. They are also proud that the King has chosen to reconnect to the city near the sea, which was often called the Queen of sea cities in the past, and which has a strong royal history.

However, it is very likely that the King did not choose this investment himself, but entrusted his fortune to an investment company. Several royalty watchers say that the King is starting to provide for his retirement through these investments.

See here for an article in French and Dutch.

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