Palma.—The decision by the King, to give up his royal yacht last month, in a gesture of solidarity sparked an ownership row but it appears that it has been resolved.

75 -year-old monarch, renounced the use of his 21-million euros (£14 million) yacht Fortuna for “austerity reasons” and would hand it over to Spain's National Heritage Department.

Chipped in
But, the group of business people who chipped in to pay for the gift thirteen years ago, demanded that it be returned to them and not the government, if the King no longer wanted to use it.

In a letter to the administrators of Spain's national patrimony, the representatives of the group argued that the gift had been made with the stipulation that the yacht be used by the king and members of his family.

And it is understood that the administrators of Spain's national patrimony, have agreed to return the yacht to the Tourist and Cultural Foundation of the Balearics, who commissioned and paid for the vessel.

The Balearic Foundation will apparently be required to cover the maintenance and administration costs but it is also understood that the Foundation has already been in touch with a leading yacht broker, with the aim of selling the Fortuna.

Good causes
And, as Balearic MPs unanimously agreed earlier this month, the money raised from the sale of the Palma-based royal yacht, which the King, has not used since August of 2012, will go towards good causes in the Balearics and the social services.