» Saudi Royals Are Selling Homes, Yachts and Art as Crown Prince Cuts Income - WSJ wsj.com/articles/saudi…
The princes need cash to pay routine bills including for property maintenance, taxes, staff salaries and parking fees for their airplanes and boats, the people said.
“These people don’t work, they have huge staffs and they’re afraid of MBS,” said a person familiar with the transactions. The princes want “cash in their back pocket and not to have visible wealth.”
Top royals accumulated billions of dollars a year through oil and real estate sales as well as business deals involving the government, from which MBS has gradually cut them off.
For example, in 2021, Prince Bandar sold a $155 million country estate in the Cotswolds west of London, according to people close to him and familiar with the transaction.
Some of Prince Sultan’s children are also trying to mortgage their global assets to raise money to make up for a shortfall from traditional sources of income, people familiar with those efforts said.
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