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King can't give away his royal yacht

In the name of economic sacrifice in tough times, King Juan Carlos of Spain announced that “for austerity reasons,” he would hand over to the government one of his most famous possessions: a $27 million, 136-foot yacht he received as a gift 13 years ago.

On Monday, the gesture turned instead into an ownership battle after the group of business executives who paid for the yacht announced that if the king did not want it, then they wanted the yacht back.

The 35-ton aluminum yacht, Fortuna, is moored off the island of Majorca, where the royal family has a palace and vacations each summer.

The king only took one cruise on it last year. Filling up its massive fuel tanks costs about $30,000, according to a report by The New York Times.

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