Spanish Royal Family to sell inheritance left by Menorcan

Although it is reported that Balada's will states that some, but not all of his buildings can be sold, the Royal Family has decided that all the property owned by the multimillionaire, and valued at over 1.8 million euros, should be sold, including Llabrés pharmacy and Bini Talaiot. Deducting this amount from the total legacy (until such time as the properties are sold and the income available) leaves a total of 7.99 million euros to be shared out.

This sum will be divided in two, with one half going to a newly-created foundation which will receive 3.99 milion euros, free of tax. The nationwide foundation will train youngsters to help them find employment and promote social projects and culture, as well as working to support the monarchy as was Balada's wish.

The other half of the inheritance will be divided equally between the Prince and Princess of Asturias, their children Leonor and Sofía, and their nephews and nieces Felipe, Victoria, Juan, Pablo, Miguel and Irene. Each will receive 399,996.86 euros less the Balearic inheritance tax, in this case 82%, leaving each beneficiary just 70,000 euros nett. The youngsters will have to wait until they are 18 years old before they can decide what to do with their share but the Prince and Princess of Asturias have already announced that both their shares will be donated to the Menorcan Foundation for Handicapped People.