Price of King Juan Carlos's luxury yacht slashed nearly 20%

http://www.theguardian.com/world/2014/jun/09/price-king-juan-carlos-luxury-yacht-slashed-abdication

Version 0 of 1.

It was meant to be a show of sacrifice. As Spaniards suffered through harsh austerity and growing unemployment and King Juan Carlos was revealed to be enjoying hunting elephants, the chastened monarch said he would hand over his 136 ft luxury yacht to the government.

But apparently, the luxury yacht market isn't what it used to be. After two months on the market, the asking price for the ex-royal yacht has been slashed nearly 20%, from €10m (£8.1m) to €8.25m (£6.6m).

The initial price, said Nigel Wales of Arrival Yachts, the agency managing the sale, was chosen because it "reflected the importance of the yacht". He said: "Of course if you can't sell something at one price, naturally you make a price reduction and invite offers."

Offers ranging from €7m to €5m would now be considered, he said. "The sellers are prepared to negotiate and will listen to any serious offers."

Along with its royal history, the yacht comes with its fair share of controversy. It was given to the king more than a decade ago by a group of businesses in the Balearic islands, as a token of appreciation for helping to promote tourism in the region.

When the king announced he didn't want the 35-tonne aluminum yacht any more, the group 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.

The group said they had little interest in keeping the yacht themselves, given that the cost of refuelling it averages around €20,000.

Wales dismissed Spanish media reports that the value of the yacht had dropped after last week's abdication announcement, calling the idea "just ridiculous". The yacht has played host to various foreign dignitaries including Prince Charles and Diana, Princess of Wales in 1990. "The history that is there remains. All the famous people who have been onboard over the years – you can't take that away."

Despite what he called "global interest", he saw one main impediment to selling the yacht. "It's the fact that we need a very special kind of buyer and there aren't so many of those out there."

A poll published on Monday by Sigma Dos for El Mundo showed that support for Spain's scandal-hit monarchy had been bolstered by the abdication announcement. Some 65% of Spaniish people now saw the 39-year reign of the king as good or very good, up from 41% in January. Another 57% thought Prince Felipe as king could help Spain's royal family recoup some of the prestige lost in recent years.

The poll came after Spanish media reported that King Juan Carlos's decision was influenced by the situation of Prince Charles. "I do not want my son to wither in waiting like Prince Charles," the king reportedly told Rafael Spottorno, the head of the king's household, according a report in El Mundo.

"He saw, above all, that his son was in his prime and didn't want to see him end up like Prince Charles, who will be 66 years old in November," the paper reported Spottorno as saying.

The royal palace is not commenting on the report.