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Author Topic: Joachim in massive debt  (Read 34006 times)
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rogue

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« on: August 30, 2013, 04:18:24 PM »

http://cphpost.dk/nationa...ince-joachim-massive-debt

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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

 Yikes

How much is 3 million kroner in Euro's???
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Little_star
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« Reply #1 on: August 30, 2013, 04:25:24 PM »

42,000,000 DKK = 5,630,688.00 Euro
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leatherface

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« Reply #2 on: August 30, 2013, 04:29:50 PM »

Is there anything shady about the loans, has he failed to service his debt? He might be the Queen's son but if he were in arrears in his other loans the most recent one would not have been given. However, in my experience it is the really rich that take on the most debt.
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Little_star
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« Reply #3 on: August 30, 2013, 04:31:25 PM »

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......

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.
http://cphpost.dk/nationa...ince-joachim-massive-debt
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hanzo1

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« Reply #4 on: August 30, 2013, 04:32:36 PM »

can the bank say no to him?


Doubt It
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Little_star
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« Reply #5 on: August 30, 2013, 04:33:39 PM »

can the bank say no to him?


Doubt It

 Blink Blink Blink
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rogue

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« Reply #6 on: August 30, 2013, 04:34:38 PM »

Correct me if i'm wrong  Thinking 3 million kroner is 3,427,800.00 euro's !! Why do they get so much money !!!
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leatherface

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« Reply #7 on: August 30, 2013, 05:13:20 PM »

Correct me if i'm wrong  Thinking 3 million kroner is 3,427,800.00 euro's !! Why do they get so much money !!!

Its about 850k in euros.
« Last Edit: August 30, 2013, 05:24:15 PM by leatherface » Logged
just a serf

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« Reply #8 on: August 30, 2013, 05:28:11 PM »

Time to for the bank to sieze the castle and for Joachim and family to share a palace in Copenhagen.

Government subsidies should not be supporting this debt laden and failing business. Basically thanks to his management the tax payer money goes straight to the banks. So the DRF do bring business to Denmark after all.
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Jazzy

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« Reply #9 on: August 30, 2013, 05:37:56 PM »

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......

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.
http://cphpost.dk/nationa...ince-joachim-massive-debt
40 million Kr? Wow. Now we know why Marie doesn't wear expensive brands. Or maybe not.
 Hope they don't end up the Inaki & Cristina of Denmark. Can a royal declare bankruptcy?
Is the 3 million his apanage or a separate grant? Doesn't he also get EU subsidies?
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hanzo1

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« Reply #10 on: August 30, 2013, 05:39:23 PM »

I guess he's not such a great business man
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Jazzy

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« Reply #11 on: August 30, 2013, 06:11:26 PM »

I guess he's not such a great business man
Apparently not.
He gets 3.2(?) mil kr from the state in apanage  and 2mill Kr from  the EU.


He took the latest loan in June of this year  for as much as 20 million kr against  his annual  "pay" of more than three million kr in upkeep from the state. At the same time he receives numerous grants and EU farm subsidies.


Author Jens Høvsgaard, who has dealt extensively with the royal family's finances, points to the prince's lack of success in agriculture as a possible cause.

- Prince Joachim has had to absorb the many loans simply because he is not a very good businessman, he told Ekstra Bladet.
http://www.avisen.dk/prin...illioner-vaek_231826.aspx
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leatherface

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« Reply #12 on: August 30, 2013, 06:37:14 PM »

Jazzy, the article you referenced said that he borrowed using Schakenborg as collateral.

How much is Schakenborg actually worth?

I think it is risky and somewhat irresponsible of him to borrow against the house and I know farming in most cases leads to high debt but he needs to re think his business strategy and perhaps focus on a singular cash crop and contract to become a supplier to a supermarket chain or food company. Very few people can survive being gentlemen farmers.
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milka74it

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« Reply #13 on: August 30, 2013, 06:45:53 PM »

The prince of wales can give him some advise on this kind of businness
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hanzo1

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« Reply #14 on: August 30, 2013, 06:56:41 PM »

So that's why EB was asking about their finances
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