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A Recession Casualty – King Juan Carlos of Spain Giving Up Luxury Yacht “Fortuna”

Published May 22, 2013 · Updated November 26, 2014

Sometimes even kings are not immune to the recession and economic hardship. One of the surprising cutbacks is that King Juan Carlos of Spain is relinquishing his approximately, 21 million-euro ($27 million) yacht – tiled “ Fortuna .”

As the European country of Spain continues to battle the never-ending recession and record unemployment, hard choices must continue to be made.

The Fortuna yacht is similar to other assets such as the royal palaces, which are owned by the state and managed by the National Heritage for the use of the 75-year-old king and his family.

Fortuna is 41.5-metre (136-foot) in length and was donated back in 2000 by a business group. It’s costly to maintain in addition to taking it out on the Mediterranean. According to the Spanish press, each sailing costs more than 20,000 euros for each refuelling.

Last week, a spokesman for the institution was quoted “The king has taken the decision to ask the National Heritage to proceed with the release of the asset,” said late Thursday.

The next step is the National Heritage board needs to approve the King Juan Carlos yacht’s transfer back to the government. The next choice would be to keep the luxury yacht or to sell Fortuna .

Source: AFP

Tags: Corporate Concierge King Juan Carlos Lifestyle Concierge Lifestyle Management Luxury Concierge Spain VIP Concierge yacht

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Everything must go: Abdicating King of Spain knocks £2m off his bulletproof yacht that played host to Diana and Queen-to-be-Letizia

Fortuna, a 136ft luxury yacht, was given to King Juan Carlos by a group of businesses in Majorca to promote tourism
But he was forced to give it up after coming under fire for enjoying an elephant safari while Spaniards fought austerity
Now the motor boat's asking price has been dropped from £8.1m to £6.6m - a drop of nearly 20% - by the agents
The boat counts Princess Diana, Prince William and the Spanish queen-in-waiting Princess Letizia among its guests

By Steph Cockroft

Published: 07:00 EDT, 11 June 2014 | Updated: 12:59 EDT, 11 June 2014

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It was put on the market as a sign of solidarity by the king, to show his appreciation for the harsh austerity measures and rising unemployment rates facing his fellow Spaniards.

But it seems times are so austere that those selling King Juan Carlos's luxury royal yacht have had to slash its asking price - by nearly 20 per cent.

Fortuna, a 136ft motor boat used exclusively by the Spanish Royal Family and their guests - which has in the past included Princess Diana and Prince Charles - has had its price dropped from £8.1m to £6.6m.

Fortuna, the luxury royal yacht used exclusively by the Spanish Royal Family, is on the market for £8m after King Juan Carlos decided to give it up in a show of solidarity as Spain battled high levels of unemployment and austerity

Reduced: Fortuna, the luxury royal yacht used exclusively by the Spanish Royal Family, is on the market for £6.6m (€8.25) after King Juan Carlos decided to give it up in a show of solidarity as Spain battled high levels of unemployment and austerity

The boat has played host to several famous faces, including Princess Diana, Prince Charles and Prince William, pictured here with King Juan Carlos in 1990

Famous faces: The boat has played host to several famous faces, including Princess Diana, Prince Charles and Prince William, pictured here with King Juan Carlos in 1990

The boat, which remains moored off the island of Majorca, where the royal family has a palace and goes on holiday each summer, was gifted to the state by around 30 executives with links to Majorca and other Balearic Islands in a bid to promote the islands.

But King Juan Carlos - who announced last week that he plans to abdicate to make way for his son Prince Felipe - was forced to renounce the use of the yacht, after coming under fire for going on an elephant safari in Bostwana in 2012, while the Spanish economy plunged further into crisis.

The holiday came just weeks after the monarch - who won wide respect in Spain for helping guide it through a political transition after the death of dictator Francisco Franco in 1975 - claimed to be 'kept awake at night by the plight of the Spain's youth unemployed'.

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But after the king announced he would hand over his prized possession, the group who bestowed the yacht, the Foundation of Balearic Culture and Tourism, said they wanted it back.

In a letter explaining their claim, they stressed that the gift had been given with the understanding that the yacht be used exclusively by the royal family.

Now the 140-tonne vessel, which was originally put on the market for the equivalent of €10m, has been reduced to €8.25m.

Diana was seen on board the boat in 1990

Spotted: Diana was seen on board the boat, which was bestowed to the king by the Foundation of Balearic Culture and Tourism in a bid to encourage tourism in the islands. When he announced he was giving up the boat, the state returned it to the foundation which put it up for sale

King Constantine II of Greece, Princess Theodora of Greece, Diana, Princess of Wales and King Juan Carlos of Spain on board the yacht of King Juan Carlos 'Fortuna' on summer holiday on August 15, 1990 in Majorca, Spain

Smiles: King Constantine II of Greece, Princess Theodora of Greece, Princess Diana and King Juan Carlos enjoyed a summer holiday on the yacht in 1990 in Majorca, Spain

King Juan Carlos and Queen Sofia, Crown Prince Felipe and wife Princess Letizia, plus all the Spanish Royal family members boating off Mallorca Island on the 'Fortuna' yacht during their summer holiday at the Balearic Islands

Happy families: King Juan Carlos and Queen Sofia, Prince Felipe - who is due to take over from his father imminently - and wife Princess Letizia, plus all the Spanish Royal family members were often seen boating on the yacht. In this picture, they enjoyed a trip around the Balearic Islands

Princess Letizia and Queen Sofia of Spain were pictured on board the royal yacht in 2006 with Princess Leonor as they attended the Copa del Rey sailing trophy

The queens: Queen-in-waiting Princess Letizia, left, and Queen Sofia of Spain, right, were pictured on board the royal yacht in 2006 with Princess Leonor as they attended the Copa del Rey sailing trophy

Arrival Yachts, the agency managing the sale, said the price had been dropped as part of its strategy to indicate the seller's wish to negotiate and not because there was a lack of interest. It said all serious offers would now be considered.

The boat, which is said to be more like an aircraft in design, was named as the fastest in the world of its type in 2000 when it reached 68 knots.

As well as a plush interior and a lavish deck which boasts 360 degree views out to sea, anyone buying the boat will also be able to count themselves in good company.

The 140-tonne vessel was named as the fastest in the world of its type in 200- when it reached 68 knots

Inside: The 140-tonne vessel was named as the fastest in the world of its type in 2000 - when it reached 68 knots. It is said to be more like an aircraft in its design and represents 'the pinnacle' of this type of yacht, which includes a lavish interior

The master bedroom on the yacht, which is one of four cabins equipped with an en-suite. There is also a large, flat-screen television, a music system and a host of other mod-cons

The master bedroom on the yacht, which is one of four cabins equipped with an en-suite, is large and benefits from good sound-proofing. There is also a large, flat-screen television, a music system and a host of other mod-cons inside the royal yacht

The boat, which is stored in a special dock shed in Palma, was also built with a bullet-proof structure and was deemed to be the most advanced of its type in the world when it was made

The boat has been managed by a high-specialised crew who have kept the boat up to date with all the latest and best equipment

The spacious boat has been managed by a highly-specialised crew, personalised for the king, who have kept the boat up to date with all the latest and best equipment

It has been at the centre of several glamorous photo opportunities over the years - perhaps most memorably of a windswept Princess Diana and Prince Charles sunning themselves alongside the Spanish king.

Glamorous Princess Letizia, the queen-in-waiting, and the rest of the royal family are also regularly spotted on the yacht during the summer months.

The boat includes an interior which was created by Milan-based designer Celeste Della Anna, which includes panelled wood with stitched tan leather, a beige carpet with Japanese accents and cream-coloured ceilings.

Nigel Evans from Arrival Yachts, which is marketing the yacht, which includes this kitchen, said it had been specially-designed to minimise noise and vibration from its 20,000 horsepower engine

It also has four cabins which sleep eight people, all equipped with luxury en-suites, as well as a spacious flybridge, protected by a wraparound windscreen.

There is also a large, flat screen television, a music system and other mod-cons such as an ice maker and a dough mixing machine for bread.

The boat, which is stored in a special dock shed in Palma, also benefits from a bullet-proof structure and was deemed to be the most advanced of its type in the world when it was made.

The 136ft royal yacht, which has welcomed several famous guests over the years, including Princess Diana, is moored off the island of Majorca where the royal family has a palace and goes on holiday each summer

The 136ft royal yacht, which has welcomed several famous guests over the years, is moored off the island of Majorca where the royal family has a palace and goes on holiday each summer

The Spanish king, pictured right, was forced to renounce the boat after he came under fire for enjoying an elephant safari in Botswana as his country fought some of the highest unemployment levels in its history

The moment he gave it all up: The Spanish king, pictured right, was forced to renounce the boat after he came under fire for enjoying an elephant safari in Botswana in April 2012 as his country fought some of the highest unemployment levels in its history

FEATURES OF THE ROYAL YACHT

Bulletproof exterior

Measures 136ft

Weighs 140 tonnes

20,000 horsepower engine

Three turbines

Nigel Wales from the company said it was also managed by a highly-specialised crew who have kept the boat up to date with all the latest and top-of-the-range equipment.

He said: 'The recent reduction in price is part of our strategy to first locate the vessel in the market, then indicate to potential buyers the seller’s wish to negotiate.Hence the reduction from €10m to €8.25m.

'The quality of construction the yacht is similar to that of an aircraft, as you would imagine when the hull is designed to handle over 20,000 horsepower with all three turbines at full power.

'The yacht represented the pinnacle of design for this type of vessel, in terms of performance whilst minimising noise and vibration, for the client’s enjoyment.

'As a qualified naval architect I am proud to be representing ‘Foners’, which obviously helps when talking to potential clients and brokers.'

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THE KING OF SPAIN GIVES UP HIS PALMA-BASED ROYAL YACHT FORTUNA

King juan carlos last night announced that he is giving up his palma-based royal yacht and handing it over to the state..

Palma.The 75-year-old king has had a spectacular fall from grace recently as scandals undermine public approval and his health weakens and last night the royal household announced that the crew of the Fortuna, which is based inside the Porto Pi naval base, has been told to stand down and that the king has no intention of it being used again by the royal family.

It will be handed over to the state. This is the third Spanish royal yacht and was built 12 years ago at a cost of 3'000 million pesetas, 18 million euros, by a group of 30 leading local and national businessmen and women who donated the yacht to the Balearic Tourism and Culture Foundation and part of the country's National Heritage.

It replaced the second Fortuna which had been a present from the Saudi Arabian King Fahd in 1979 to replace the original royal yacht of the same name which came into service in 1976 in Majorca where the Spanish royal family have traditionally spent their Easter and Summer holidays.

When the Fortuna was launched 12 years ago, it was one of the fastest yachts of its category but, due to the high running and maintenance costs, King Juan Carlos has used the yacht less and less over recent years.

The 41.5 metre yacht has a maximum speed of 65 knots and a highly sophisticated propulsion system with three Rolls Royce engines. Construction first began in 1997 at the Bazan shipyard in Cadiz and she took three years to complete. Inside she boasts a lounge, dining room, kitchen, four double bedrooms for eight guests and quarters for the eight-strong crew. For many years, the captain of the royal yacht was British and during the royal yacht's 12 years numerous members of royalty have been aboard including the First Lady of the United States, Michelle Obama and her youngest daughter Sasha as guests of the king and queen in 2010.

The last time the king went sailing aboard the Fortuna was on August 13 last year when he headed out alone with just the crew and moored up off Formentor, although other members of the royal family have used it more often. Sources familiar with palace thinking say the royal family is concerned about the decline in its popularity and is eager to avoid adding more uncertainty to the climate of crisis for ordinary Spaniards. The palace is monitoring public opinion extremely closely via social media and its own polls.

The king's image started to deteriorate with the investigation into his son-in-law's alleged embezzlement at the head of the not-for-profit Noos Foundation in 2011.

It plummeted in 2012 when it emerged that Juan Carlos had gone on an elephant-hunting trip to Africa just as the full force of Spain's economic crisis hit home. With one in four Spaniards living in poverty, the palace was exposed as hopelessly out of touch. The king made an unprecedented apology.

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