Spanish Millionaire leaves his Fortune to the Prince and Princess of Asturias

[RubyPrincess168]

I think it's great that he left his estate (or part of it) to the King's grandchildren. If their parents invest it wisely for them, they could have a nice little sum to live on when they grow up.

[UserDane]

Originally Posted by grevinnan

Probably not that unusual. Didn't Denmark's Prince Joachim inherit Schackenborg from someone not related to the royal family?

Yes, from Count Hans Schack, formerly a very good friend of the Queen and prince Henrik. However, the gift came with strings attached and subsequently there were speculations that the 'inheritance' had not exactly been cheap for the regent couple due to extensive renovations etc. and it ended with broken relations between the Schacks and the royal family.

[Mariazell]

By what I am reading in the spanish forums the problem is that there are many people who does not believe what has been officially said about this "inheritance". People speaking about the possibility that it might be a "cover up" remark that there have been occasions in the past which have seen members of the royal family timely and luckily benefited with strokes of luck.

It is well known the opacity surrounding the budget of the spanish royal family and the way it is distributed. It is not as clear as in other european royal families and many journalists have complained about it.

[lula]

In Internet many things are said and there are many speculations, and many people do not like that this man has left his fortune precisely to the Royal Family. There are politicians who want that they give the money to the State, others of places related to this man, demand that they invests the money in their villages ...they all want a part. There is a lot of envy and many greed. I read many commentaries in which the people demonstrate not to know the details that have been given of the testament or the Spanish laws.

The Royal House was not the one that opened the topic, they aren´t those who have given details on the matter. All the information about the heredity and the details of the same one was published by a local local newspaper where this man was living. The Royal House has limited itself to saying that the news was true and that they are studying the topic. They are not even confirmee that they have accepted it. So it will be necessary to wait to know more details.

If they accept it, the law forces to fulfill everything what the man left writing in his testament.

The half of his fortune must be to create a foundation. They have the obligation to create it, and on having done it, the information of the same one will be publicized because it is necessary to inscribe it in a public record.

Another half, it will remain very reduced by the taxes and legal steps, it is possible that really only they manage to receive 20 %. This part must be divided between 10 persons. Only the Prince and the Princess would have freedom to handle this part of the heredity. The 8 children do not have legal age, their parents cannot take decisions on the heredity without the approval of a judge, and in no case they can harm the interests of the children.

Summarizing, for the Royal Family the easiest thing would be not to accept this heredity, because the reality is that as soon as the taxes and lawyers are paid what is going to stay for them is not going to be a very significant quantity for them. The press says that they are 30 million Euros: 15 for the foundation, 10 or more in taxes, attorneys and payments for the transfer of properties. Really for the Royal Family it is not a quantity for all the problems that they are going to have to support.

But there are three problems if they decide to resign:

The law does not allow them to resign the part of the children without the approval of a judge.

They would give up creating a foundation with many millions of Euros that it might do many good things.

There is a clause for the one that if they do not accept the money would go away to Israel

So precisely it is going to be neither a process nor an easy decision.

[Mariazell]

Thank you for your detailed post, Lula.

Who knows, things may be as you say or may not be...Personally, I don't believe very much the official story. But time will say the last word...

Kind regards!

[lula]

The Royal House has issued a communiqué with all the information about this inheritance. It is in Spanish and is a complicated enough document.

Situación de la herencia recibida por Sus Altezas Reales los Príncipes de Asturias y los nietos de Sus Majestades los Reyes, de Don Juan Ignacio Balada Llabrés. Casa de Su Majestad el Rey de España

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[lula]

The inheritance has been valued for 10.636.330,63 Euros, discounting the debts and expenses stays in the quantity of 9.832.995,42 Euros.

Of them, they will have to pay about 3.3000.000 Euros in taxes in Balearic Islands.

The heritage includes real estate, a society and money. For the present time, they will not distribute the real estate valued for 1.833.058,10 Euros, because some of them have to be sell and others are rented and these rents are going to be respected.

The Royal Family will receive the half of the inheritance, another half will be as the testament indicates to create a foundation.

Once realized all the payments, every member of the Royal Family (the Prince, the Princess and 8 grandchildren) will receive 70.000 Euros.

The Prince and the Princess will distribute their 140.000 Euros between Foundation for the disabled persons of the Island of Minorca (city where Balada was living) for a project that will take the name of Balada, and scholarships for young people that will manage the Foundation Prince of Asturias and Prince of Girona.

The money of the children will not be touch until they have the legal age of the 18 years and decide that to do with it.

Another half of the inheritance, almost 4 million Euros (they remain free of taxes) will be to create a Foundation, of which the Prince and the Princess will be Presidents of Honor, and that will be linked to the Foundations Prince of Asturias and Prince of Girona. It will be a foundation to promote projects for youth and social and cultural activities.

[CrownPrincess5]

He should have given it to charity. The royal couple have enough money as it is.

[ahtikavalentine]

Originally Posted by CrownPrincess5

He should have given it to charity. The royal couple have enough money as it is.

As lula posted, they would create a foundation, this money won't be for personal expenses

[LadyFinn]

Prince and Princess to donate 'mystery' inheritance to disabled foundation - The Reader

[Paty]

Post regarding the establishment of the foundation created by the Prince and Princess of Asturias on the ocasion of the fortune inherited, should be posted in this thread.

The Prince and Princess of Asturias establish the Hesperia Foundation: August 2010

[lula]

The House of His Majesty the King today released new data on the current status of the inheritance.

http://www.casareal.es/noticias/comm...notaprensa.pdf

http://www.casareal.es/noticias/comm...2.2.Anexo1.pdf

http://www.casareal.es/noticias/comm...2.3.Anexo2.pdf

Real estate worth 1.647.898,64 €. has been distributed.

Ballada house will be divided between the King's 8 grandchildren, parents will have to ask court approval to sell it. They will also receive € 12.092,04 € each child. The other properties, including what corresponded to Prince and Princess of Asturias (worth 164.789,86 €) will go to the Foundation Hesperia.

For the dissolution of society Adalab, they will receive:

Hesperia Foundation: 272.951,12 €
Their Royal Highnesses Prince and Princess of Asturias:27.295,11 € each. (they donated it to the Foundation Hesperia)
Grandchildren: 27.295,11 € each

Already all taxes, which amounted to 3.346.132,33 €, have been paid.