Prince Joachim in massive debt

The prince owes more than 40 million kroner on mortgages

August 29th, 2013 2:21 pm| by admin

While one might think that finances are rarely a concern to members of the Royal Family, a report in Ekstra Bladet tabloid reveals otherwise.

According to the tabloid, 44-year-old Prince Joachim, the youngest son of Queen Margrethe, owes millions in loans on his home estate, Schackenborg in southern Jutland.

Since May 2007, Joachim has taken out five loans on the castle, the latest amounting to 20 million kroner. Today, the prince owes the bank nearly 42 million kroner.

READ MORE: Nation's largest farms implicated in pesticide smuggling ring

In 1995, Schackenborg Castle and his expansive estate was handed over to Prince Joachim and Princess Alexandra. They divorced in 2005 and Joachim now lives in the castle together with his new wife, the French-born Princess Marie, and their two children. He has two sons from his previous marriage as well.

Each year, the state pays Prince Joachim a grant of nearly three million kroner a year. Only time will tell if those subsidies are enough for him to pay off his substantial debts.

Prince Joachim is the sixth in the line to inherit the Danish throne, following his elder brother Crown Prince Frederik and Frederik’s four children.

READ MORE: Majority to queen: Just retire already

The royal affair is portrayed in by Mads Mikkelsen and Alicia Vikander in 'A Royal Affair' (photo: Jiri Hanzn)
The dictatorial doctor, aristocratic adulterer and mad masturbator
When Johann Struensee first met the young British princess Caroline Mathild...
One of the deleted scenes from 'Forrest Gump' in which he realises there is nothing quaint about life in east Berlin
Film review: ‘Bridge of Spies’
The credit ‘A film by Steven Spielberg’ has for several decades now car...
Bridge of Spies
At Cinemas: The fall of man, and the fall of a god
There’s currently a pre-Xmas rush for your ticket money, exploiting this ...
Adele's first tour for five years (photo: Youtube)
Adele coming to Denmark
Adele has announced she will perform two concerts in Denmark while touring...
Anne-Marie Rindom is hoping to get nominated for the 2016 Olympic Games in Rio de Janeiro (photo: Facebook/Anne-Marie Rindom)
Danish fleet racer wins women’s world championship in Oman
Danish fleet racer Anne-Marie Rindom has today won the Laser Radial Women...
Construction of the immersed tunnel that will connect Rødby in southern Zealand with Puttgarden in Germany (photo: Youtube)
Fehmarn Belt opening set for 2026
The Fehmarn Belt Fixed Link – an immersed tunnel that will connect sout...