Monaco’s Princess Charlène sparks major judgement over her spending, here’s everything you need to know

Monaco is a place full of scandal and money. The monarchy isn’t exempt from this - rather, it is the epitome of these two things. Prince Albert has several former mistresses and love children who he supports financially, while his wife of thirteen years, Princess Charlène, spends on both herself and her family.

A recently dismissed accountant has spilled scandalous details about the bank accounts of these royals meaning that Princess Charlène, who turns 46 today, may have a more modest celebration to mark her birthday.

Here’s why Prince Albert has to have a secret bank account, and what is strange about Princess Charlène’s treatment of staff, according to sacked accountant Claude Palmero.

Prince Albert’s secret bank account

In case you are wondering where all of this information is coming from, Palmero kept notes in five chunky notebooks of the royals’ expenditure. These have found their way into the French media, including revelations about how Prince Albert gives money to his former mistresses and their children.

Prince Albert, who is 20 years older than his wife, has two acknowledged love children. Alexandre, with former air hostess Nicole Coste, who was born in 2003, and Jazmin, with American estate agent Tamara Rotolo, who was born in 1993. According to Palmero, Prince Albert had to keep a secret bank account so he could pay these women and his children without involving Princess Charlène. Jazmin and Alexandre receive $344,000 a year each.

Palmero claimed Jazmin was given £4,200 for her 18th birthday and a £2.6 million flat in New York seven years later. Things get even more wild with Alexandre: Palmero claimed that the palace was paying for kidnap and ransom insurance for his child with Coste. In 2015, Prince Albert backed Coste’s fashion business, fronted by a shop in Knightsbridge. Palmero revealed this was ‘on course [to cost] one million [euros] a year’. There’s also an apartment waiting in London for Alexandre, bought under his name.

Princess Charlène’s spending and illegal staff

The cash splashing isn’t one-sided in this couple: Princess Charlène was reportedly given an allowance of £1.2 million a year and still managed to consistently overspend. In 2019, Palmero wrote in his notes: ‘It's crazy! I have no control over the Princess' spending'.

Princess Charlène, a former Olympic swimmer, spent £2 million into doing up a holiday house in Corsica and redecorating her office, Palmero claimed. She reportedly received £500,000 to pay off a substantial overdraft in 2017 and managed to secure a cool £786,000 for her brother Sean. He bought a house, and now runs a coffee shop in Monaco.

Despite the obvious financial comfort of the royals, Palmero says Princess Charlène hired illegal immigrants for under £90-a-day. He warned Prince Albert, 'Her Serene Highness the Princess makes people work for her who are not compliant'. She reportedly hired staff who had expired visas, according to Palmero, and even one with a fake passport. In 2021, Palmero vetoed a request to add more staff to the royal payroll, saying Princess Charlène had '8.5 people in her service, there have never been so many'.

It is important to remember that these reports come from Palmero, who was unceremoniously sacked as a royal accountant. However, you know the old saying: there’s no smoke without fire…

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Sources used:

Daily Mail: As the 'secret payments' Prince Albert of Monaco 'pays to his former mistresses and the children he's had out of wedlock' are unveiled by his sacked accountant, ALISON BOSHOFF pores over the paperwork
Daily Mail: Park the party? Princess Charlene of Monaco set to mark 46th birthday with low-key celebrations, after claims by former palace accountant that she hired 'illegal immigrants' on £90-a-day