Prince Joachim in massive debt

The prince owes more than 40 million kroner on mortgages

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

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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.

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