Palma.—Built by a Balearic business group, it demanded King Juan Carlos return the 21-million-euro yacht they gave him after he asked the government to take it off his hands as his subjects weathered a biting recession in April.

The royal household explained that the 75-year-old king was giving up the yacht in what was seen as a belt-tightening measure as Spain struggles through a double-dip recession that has caused the jobless rate to soar to a record 27 percent.

Each refuelling of the yacht costs more than 20'000 euros.
And now, the Balearic Tourism and Cultural Foundation, which commissioned the yacht, has found a new mooring for the royal yacht.
Until now she has been housed in a giant secure hanger in the Porto Pi naval base, but as she no longer belongs to the state, a new mooring had to be found with the hanger now due to be taken down once the Fortuna leaves.

A deal has been reached with Port Adriano and that is where the Fortuna, which was ahead of its class when launched thirteen years ago, will await her new owner.

The group had the yacht constructed because it hoped the king's presence on the island would draw holiday makers to the Balearics, where the royal family have a summer residence and used to spend several weeks a year on holiday.

The yacht has provided countless photo opportunities of the king and other members of the royal family and world leaders on its deck but the monarch has set sail in the boat less frequently in recent years, making his last outing in August last year.

However, sources for the charter industry have told the Bulletin that, while she is very luxurious inside, she may be slightly too small for the industry so a private buyer may be needed.

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