Saudi royals sell homes, yachts and art as the Crown Prince cuts into their income

RIYADH, Saudi Arabia – Saudi princes have sold more than $ 600 million worth of real estate, yachts and works of art in the United States and Europe since the kingdom’s de facto ruler tightened his wallet to the ultra-prosperous ruling family.

The transactions represent a radical change of fortune for senior princes that brought windfall from the oil boom of the 1970s and 1980s into some of the world’s most exclusive markets. The huge sums of money were largely spent on hard-to-sell assets or drained of expenses that reached $ 30 million a month for some royals with large staffs and lavish lifestyles, making them vulnerable to recent changes in government policy.

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