The Prince Of Monaco, His Finances, And The Man Who Held The Keys To It All
He was the man who knew all the secrets - of vaults, villas, and the prince himself. Now, he is the headliner in a scandal unravelling in one of Europe's most secretive and storied royal families.
For more than two decades, Claude Palmero was the man behind the scenes handling the finances of Monaco's royal family. Trusted implicitly by Prince Albert II and his sisters, Palmero managed everything from investment portfolios to private expenses. That trust now lies broken amid allegations of financial mismanagement and serious wrongdoing.
The trouble began quietly, as these things often do. In 2023, French authorities, conducting routine checks, noticed irregularities in the accounts linked to the royal family. What seemed like minor discrepancies soon ballooned into a full-scale investigation. Behind the glittering facade of Monaco's wealth, Palmero's financial dealings were coming under intense scrutiny.
Prince Albert and his sisters, once confident in Palmero's stewardship, decided to act. They filed criminal complaints accusing their longtime financial manager of breach of trust, theft, forgery, and money laundering. For the prince, this was a personal betrayal.
In private messages later made public and reviewed by The Wall Street Journal, Prince Albert wrote directly to Palmero, "I am now more or less obliged to speak out... to 'blow the whistle' a little bit to signal the end of recess and try to reassure many people here at home."
Documents uncovered show that Palmero had full control over a large portion of the royal family's money.
One particularly sensitive case involved a secret transfer of $15.9 million in 2018 to Nicole Coste, the prince's former lover and mother of his child.
According to Palmero's notes, this was done in secret. He wrote that the prince requested complete confidentiality so "this situation would not become known to his wife."
The money trail didn't stop there. Over the years, Palmero made several transfers for private expenses, for staff, residences, and other costs, many from accounts not officially recorded.
Nearly $800,000 in private expenses slipped through the cracks. A $795,000 suspicious transaction came to light, which Palmero claimed was reimbursement for years of off-the-book expenses he covered for the Prince's private life.
Palmero had been mixing his own investments with the prince's funds. At one point, the combined capital managed by Palmero exceeded $113 million.
When questioned by investigators, Palmero blamed the Prince. "He now pretends that for 22 years he knew nothing about the state or management conditions of his own assets? He is the sovereign of a state! Either he is lying or he should step down," he said.
Prince Albert had earlier admitted to being detached from the financial details. In a 2021 interview, he said, "It was great to know what it feels like to earn a paycheck... Not that I don't get paid in Monaco, but I don't really see my paycheck."
This distance may have allowed Palmero's activities to go unnoticed for years.
The scandal also affected the prince's charitable plans. A planned $2 million donation from Prince Albert to Amherst College, his alma mater, was delayed. The delay stemmed from the difficulty of liquidating some of Palmero's investments, restricting the prince's access to funds.
Today, the investigation continues.
The royal family has taken steps to address the situation. The prince's legal team, in a statement to the WSJ, said, "The prince has taken all necessary decisions and measures to address the issues... The matter is now in the hands of the judiciary."
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