If renounced the legacy will go to the State of Israel

Ciutadella man bequeaths fortune to Spanish Royals

Businessman and investor Juan Ignacio Balada Llabrés is believed to have left around 30 million euros in his will

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06-11-2015

A Ciutadella businessman, Juan Ignacio Balada Llabrés, has left his fortune, estimated at 30 million euros, to the Spanish Royal Family with half going directly to Prince Felipe de Borbón and his wife, Letizia, and the eight grandchildren of the King and Queen (Leonor, Sofía, Felipe, Victoria, Juan, Pablo, Miguel and Irene). Balada left the other half to Prince Felipe for the creation of a foundation to champion general interests.


Balada, who died on 18th November 2009, at the age of 69, inherited a large fortune from his parents. An only child, he remained single all his life and left no descendants. The businessman and investor not only possessed a fortune but was also the owner of various properties in the Ciutadella area including the Farmacia Llabrés in Ses Voltes which was declared a BIC (property of cultural interest) a few years ago due to its Art Nouveau design. The pharmacy was run in its day by his mother, Catalina Llabrés Pirís (the first woman in the Balearic Islands to graduate in pharmacy) and was closed by Balada 30 years ago, since when it has gradually fallen into ruin. Another property owned by the businessman is the Casa de Colonias at Binitalaiot which was ceded to the Salesians for their use and which they hope to still be able to use in the future.


Had the Royal Family renounced the inheritance it would have passed to the State of Israel, owing to Balada's masonic beliefs, as Solomon's Temple in Israel is very important symbolically to the masons.


However, in spite of not knowing all the details of the inheritance, it was announced by a spokesman for the Royal Household on Saturday that the Prince and Princess of Asturias appreciated Balada's generosity and that they had decided that any legacy they were due would be used in the general interest and for social ends.


There could be difficulties in sorting out the Ciutadella businessman's will with property forming part of the legacy and also as some of the beneficiaries are minors. Another complication could be that tax on the inheritance will have to be paid to the Balearic Government within four months (being due within six months of the death of the testator).

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