What happens when a monarchy's wealth vanishes and the gold turns to dust?

That gleaming crown might not be solid gold after all. Behind the fairy tale image of royal wealth lies a fascinating and often overlooked reality: monarchies throughout history have faced financial collapse, forcing dramatic transformations from sovereign rulers to creative entrepreneurs just trying to keep the lights on in their ancestral palaces.

Our journey travels from the excesses of pre-revolutionary France, where Versailles symbolized the unchecked spending that helped spark revolution, to the sprawling Romanov empire with its 60+ palaces scattered across Russia before the dramatic 1917 overthrow. We explore how Italy's House of Savoy lost power through a democratic referendum, transforming castles into tourist attractions and wedding venues. The Greek royal family's legal battles to reclaim properties—only to auction them off—reveals changing priorities when the crown disappears. Perhaps most dramatic is the Shah of Iran's story, where unimaginable opulence vanished virtually overnight in 1979.

What emerges is a pattern revealing the vulnerability behind royal fortunes. Growing up sheltered from financial realities leaves many royal heirs unprepared to manage assets without state backing. Historic properties that once symbolized power become crushing financial burdens without special privileges. The successful adaptors establish foundations, make strategic marriages, or embrace tourism—transforming from wielding political power to leveraging cultural capital. Even today's royal families quietly sell assets to stay afloat, balancing tradition with financial reality. It's a powerful reminder that even the most dazzling wealth remains temporary, vulnerable to the shifting sands of power, politics, and public opinion. Subscribe now to hear more deep dives that challenge your assumptions about wealth, power, and what we think we know about history's most famous figures.

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Episode Transcript

Speaker 1 (00:00):
Okay.
So when you think about royalty, we all kind of picture the
same thing, don't we?
You know limitless riches,golden thrones, these enormous
mansions, jewels everywhere.

Speaker 2 (00:12):
Absolutely.
It's almost synonymous withjust well unbelievable wealth.

Speaker 1 (00:16):
But what happens when that sort of runs dry, when the
gold isn't quite so shinyanymore and those huge estates
start looking a bit shaky?

Speaker 2 (00:26):
Yeah.
What happens then?
That's really the fascinatingquestion we're digging into
today in this deep dive.

Speaker 1 (00:31):
Right, it's a perception, that's.
I mean, it's baked into how wesee power, isn't it For
centuries?
Yeah, royalty and wealth seemcompletely linked.

Speaker 2 (00:39):
Inextricably linked, you might say.
But history shows us prettyvividly actually that connection
is maybe more fragile than wethink.

Speaker 1 (00:46):
So we're going to look at some historical examples
right Cases where royalfamilies really hit hard times
financially.

Speaker 2 (00:52):
Exactly and see how they reacted, how they adapted
and or maybe didn't adapt sowell.

Speaker 1 (00:57):
And this isn't just us guessing.
We've looked into, you know,historical records, analyses,
trying to get a real picture ofwhat happens when the royal bank
account is empty.

Speaker 2 (01:06):
Our goal here is really to peek behind that sort
of fairy tale curtain ofmonarchy, understand the
vulnerabilities, even for peoplewho seemed all powerful.

Speaker 1 (01:14):
And see how these families managed when suddenly
wearing the crown maybe feltless about tradition and more
about just paying the bills.

Speaker 2 (01:23):
OK, where should we start?
Maybe the French royal family,the Bourbons?

Speaker 1 (01:27):
Oh, definitely.
That feels like the classicexample, doesn't it?
Royal excess just leadingstraight into financial ruin and
, well, revolution.

Speaker 2 (01:35):
It really is, and Versailles.

Speaker 1 (01:37):
Ah, versailles, it's more than a palace right, it's
like the symbol of that level ofspending, the scale, the sheer
luxury.

Speaker 2 (01:46):
It became a real flashpoint for anger in France.

Speaker 1 (01:49):
Yeah.

Speaker 2 (01:49):
And you mentioned Louis XVI and Marie Antoinette.
Their spending habits, fairlyor unfairly, certainly didn't
help the situation.

Speaker 1 (01:56):
Was there nobody saying ah, your majesty, maybe
we should cut back a bit?
Were there really no controls?

Speaker 2 (02:00):
Well, that's what's so interesting.
There really weren't effectivechecks.
The French monarchy overcenturies had gathered immense
power.
They often operated kind ofoutside normal money rules, so
just spending whatever theywanted Pretty much, especially
on things like Versailles,symbols of their glory, and all
this, just you know, fueledanger among ordinary people who

(02:21):
were struggling.

Speaker 1 (02:22):
Right.
So when the French Revolutionkicked off, it wasn't just about
politics.

Speaker 2 (02:25):
No, not at all.
It was deeply tied to thisfeeling that the country's
wealth was being franklysquandered by the elite.

Speaker 1 (02:33):
And the result they lost everything Power, property,
all gone.

Speaker 2 (02:39):
Total loss.
And Versailles and all thoseother royal castles, the
chateaus, just taken by the newgovernment, the republic.
Confiscated.
Imagine all that art.
The furniture just scattered,sold off, used for totally
different things.

Speaker 1 (02:52):
It's kind of mind boggling.
So what happened to places likeVersailles in the long run?

Speaker 2 (02:55):
Well, connecting this to the bigger picture.
It's the transformation that'sstriking these incredibly
private, powerful places.
Versailles is now, you know, ahuge tourist spot.

Speaker 1 (03:06):
Right People pay to go in.

Speaker 2 (03:08):
Exactly, parts are even a hotel and it's a state
museum.
Yeah, think about that ironyfor a second.

Speaker 1 (03:14):
Tourists snapping photos in the king's bedroom.

Speaker 2 (03:16):
Places that were once totally off limits.
It shows how society's valuesand needs can completely reshape
even these massive symbols ofpower.

Speaker 1 (03:25):
A real full circle moment.
Did any of the family ever tryto get these places back later
on?

Speaker 2 (03:30):
There were some efforts over time, but largely
unsuccessful.
The properties remained symbolsof the nation, not the former
dynasty.

Speaker 1 (03:37):
Okay, so from France let's shift focus, maybe head
east to Russia, the Romanovs.

Speaker 2 (03:44):
Ah yes, another powerful dynasty ruling for
centuries, and their story isanother really compelling case
of how revolution can just wellwipe out seemingly endless
wealth.

Speaker 1 (03:55):
And their properties were.
I mean, the scale wasincredible.
Right, you said over 60 palaces.

Speaker 2 (03:59):
Over 60.
The Winter Palace in StPetersburg is famous, of course,
but they had these vast estatesall across the empire.
It's hard to even grasp thatlevel of land ownership.

Speaker 1 (04:09):
Were these places just for show, or did they
actually contribute anythingeconomically?

Speaker 2 (04:13):
Some did generate income, sure, through farming or
forestry, but many wereprimarily symbols of imperial
might, status symbols really,and they cost a fortune to
maintain.

Speaker 1 (04:23):
And then came 1917, the Russian Revolution.

Speaker 2 (04:27):
A sudden brutal end, the Tsar and his family executed
.
The whole empire dissolved.

Speaker 1 (04:32):
And the 60-plus palaces.

Speaker 2 (04:34):
Gone, seized outright , just like in France, looted, I
imagine, undoubtedly, and thenmostly turned into government
buildings for the new Sovietstate.
The symbols of the old regimebecoming functional buildings
for the new Soviet state.
The symbols of the old regimebecoming functional buildings
for the new one.

Speaker 1 (04:47):
It's a pattern, isn't it?
What about now?
What's happened to thoseRomanov palaces today?

Speaker 2 (04:52):
It's really varied.
Some are museums now, teachingpeople about that imperial past.
Others are well kind ofhauntingly empties, deserted,
Wow.
But recently there's been thistrend of fixing some of them up.
It seems linked to a kind ofnationalist revival, a renewed
interest in Russia's imperialhistory.

Speaker 1 (05:12):
Interesting.
Is that just cultural interestor something more?
That's a good question.

Speaker 2 (05:17):
It's likely complex, reflecting how Russia sees its
own past today.

Speaker 1 (05:20):
Which leads to a kind of strange irony, doesn't it,
when you look at modern Russia.

Speaker 2 (05:24):
You mean the super rich?

Speaker 1 (05:25):
Yeah, this new class of oligarchs living in, I mean
unbelievable luxury Mega yachts,palaces that seem to rival the
czars.

Speaker 2 (05:34):
It's a stark contrast and if you connect it back, the
Romanov story really feels likea cautionary tale, doesn't it?
Not just about power beingtemporary, but maybe about
history having echoes?

Speaker 1 (05:45):
That extreme wealth doesn't guarantee security
forever.

Speaker 2 (05:48):
Not when the political ground shifts
underneath you.

Speaker 1 (05:50):
No guarantee at all Okay, let's move south.
Italy, the House of Savoy.
Their exit was a bit different,wasn't it?

Speaker 2 (05:56):
Yes, quite different.
No violent revolution there.
Instead it was a vote, areferendum in 1946.

Speaker 1 (06:02):
Right after the war.

Speaker 2 (06:03):
Exactly.
The public voted to abolish themonarchy and the royal family
was banished.
Why did the public turn againstthem?

Speaker 1 (06:10):
Well, their connection with Mussolini and
the fascist regime during WorldWar II really damaged their
reputation.

Speaker 2 (06:16):
Ah, okay, so the referendum was a way to make a
clean break.

Speaker 1 (06:19):
Precisely and like elsewhere.
Like elsewhere, theirproperties castles like Riconigi
, stupinigi were transferred tothe state, became property of
the Italian people.

Speaker 2 (06:28):
And what's become of those Italian royal castles
since?

Speaker 1 (06:30):
It seems like a mixed bag again.

Speaker 2 (06:32):
Many are open to the public museums, heritage sites,
but apparently some just sitempty, kind of forgotten, and
some have been quietly sold offor leased out over the years.

Speaker 1 (06:43):
Yes, which raises the question how did the
descendants actually livewithout state funding?

Speaker 2 (06:51):
They've had to get creative, find new ways to earn
a living, and some of those waysare well pretty modern.

Speaker 1 (06:56):
Like turning the ancestral castle into an Airbnb
or a wedding venue.

Speaker 2 (07:01):
Exactly.
It's a huge shift, isn't it,from living off royal funds to
basically running a hospitalitybusiness in your historic home.

Speaker 1 (07:09):
Imagine booking your wedding there.
Knowing your fee helps keep theplace standing.
Is that seen as a step down orjust adapting?

Speaker 2 (07:16):
Well, the irony is definitely there.
They're relying on tourism, onpeople paying for the experience
of their history, rather thanthe old system of taxes and
privilege.

Speaker 1 (07:24):
And the reminders of their past power are just old
photos on the wall.

Speaker 2 (07:28):
Often, yeah, more like decoration than a symbol of
real authority anymore.
It's quite a change.

Speaker 1 (07:33):
Okay, let's hop over to Greece, another monarchy gone
, abolished in 1973.
They lost a lot of property too, didn't they?
Including Tatoy Palace.

Speaker 2 (07:42):
Yes, Tatoy Palace was a big one.
The Greek monarchy facedabolition after a period of
political turmoil and clashesover the king's role in
government.

Speaker 1 (07:51):
So public opinion turned against them too.

Speaker 2 (07:53):
It did and yes, they lost a significant chunk of
their royal assets.
But interestingly there was along legal fight afterward.

Speaker 1 (08:01):
To get some of it back.

Speaker 2 (08:02):
Right, and what's really telling is what happened
next.
The heirs won back someproperty and then promptly
auctioned it off.

Speaker 1 (08:09):
Wow so, cash over castles.

Speaker 2 (08:11):
Seems like it.
It really makes you think aboutthe practical value versus the
symbolic value of these placesonce the power is gone.

Speaker 1 (08:17):
It highlights that shift in priorities Absolutely
From keeping up appearances tojust needing the money.

Speaker 2 (08:23):
And like other royals who lost their thrones, the
Greek royals scattered, didn'tthey?
London, Dubai, places like that.

Speaker 1 (08:30):
Definitely not living in Greek palaces anymore.
How do they manage financiallyand socially?

Speaker 2 (08:35):
Well, it seems to involve selling off heirlooms,
relying on whatever privatewealth remained, maybe starting
businesses.

Speaker 1 (08:41):
And they still pop up in society magazines sometimes.

Speaker 2 (08:46):
Occasionally, yeah, but it feels more like a
nostalgic nod to the past,doesn't it Not like they hold
any real royal authority?
It shows the high price ofkeeping up that legacy when the
power is gone.

Speaker 1 (08:54):
Okay, one more major example the Shah of Iran.
Now his story is almost likepeak opulence before the fall.

Speaker 2 (09:02):
Oh, absolutely Palaces dripping with gold,
marble, priceless art flown infrom everywhere.
It sounds almost mythical.

Speaker 1 (09:10):
Was that level of wealth widely known in Iran?
What did people think?

Speaker 2 (09:14):
It was very well known and it became a huge
source of resentment, especiallywhen contrasted with how many
ordinary Iranians were living.

Speaker 1 (09:20):
And then 1979, the revolution.

Speaker 2 (09:23):
The swift, decisive end to his rule and his
incredible wealth.
The second he went into exile.
Those properties were seizedinstantly.

Speaker 1 (09:32):
By the new Islamic Republic.
It shows how fast things canchange with political upheaval.

Speaker 2 (09:36):
Dramatically fast.
And the fate of those palacesafterwards.

Speaker 1 (09:39):
It sounds pretty grim .
Many turned into museums,almost like exhibits showing the
excesses of the old regime.

Speaker 2 (09:45):
Right, a deliberate message there, yeah, but others
were just Left to rot.

Speaker 1 (09:50):
Sadly, yes, neglected Decaying.
And what about all his personalstuff?
The cars, the collections?

Speaker 2 (09:57):
Mostly auctioned off or just lost in the chaos.
His story is just this starkreminder of how quickly that
kind of extreme luxury can justevaporate when the political
situation changes completely.

Speaker 1 (10:09):
So we've looked at France, russia, italy, greece,
iran quite a tour.
Looking across these differentstories.
Are there common reasons whythese families who started with
so much hit financial problems?

Speaker 2 (10:21):
Yeah, there are definitely some common threads.
One big one, I think, is thatjust inheriting wealth, even
vast wealth, doesn't mean youautomatically know how to manage
it.

Speaker 1 (10:29):
Financial literacy isn't hereditary.

Speaker 2 (10:31):
Exactly, and many royals grew up very sheltered,
you know, protected from theday-to-day realities of budgets
and bills.
They just weren't prepared fora world where the state wasn't
picking up the tab.

Speaker 1 (10:40):
That makes sense Living in a bubble, almost and
then there's the cost of theproperties themselves.

Speaker 2 (10:46):
Oh, absolutely the sheer expense of just
maintaining these enormoushistoric buildings.
The upkeeps, the taxes.
It's astronomical.

Speaker 1 (10:55):
How did those costs change over time, especially
when politics shifted?

Speaker 2 (10:59):
They often became unsustainable.
Without constant state fundingand the special privileges that
came with being royal, thosemaintenance costs become a huge
weight.

Speaker 1 (11:08):
What was once a symbol of power becomes a
massive financial drain.

Speaker 2 (11:11):
Precisely A liability really.

Speaker 1 (11:14):
But it wasn't all doom and gloom, was it?
Some royal lines did manage toadapt, didn't they?

Speaker 2 (11:18):
Yes, some did, and it's interesting to see how they
did it.
Different strategies worked fordifferent families.

Speaker 1 (11:23):
Like what.
What were the successfulapproaches?

Speaker 2 (11:26):
Well, some set up private foundations to manage
what assets they had left.
Others made strategic marriages, marrying into wealthy families
.

Speaker 1 (11:33):
Marrying for money, basically.

Speaker 2 (11:34):
Essentially yes and, as we've seen, many turned to
tourism, opening up their homes,leveraging their history for
income.
It's a shift from using powerto using cultural capital.

Speaker 1 (11:47):
Which is a big contrast to those who just
couldn't make it work right.

Speaker 2 (11:58):
Ending up selling everything off at auction
because of bad management Rightand the pitfalls there seem to
be things like just not beingwilling to change with the times
, continuing old spending habitsor failing to find new ways to
actually make money.

Speaker 1 (12:04):
And the role itself changed too Hugely.

Speaker 2 (12:07):
Many modern royals, even those still connected to
thrones, function less likerulers and more like brand
ambassadors, using their nameand history in a world that
values being relevant andengaging with the public.

Speaker 1 (12:21):
And this isn't just ancient history, is it?
These kinds of financialpressures are still happening
now.

Speaker 2 (12:24):
Oh, definitely not just history.
Even today you hear reportsabout current royal families or
semi-royal families UK, spain,jordan places like that quietly
selling off assets.

Speaker 1 (12:35):
Properties, heirlooms , land.

Speaker 2 (12:37):
Yeah, as a way to deal with rising costs and just
manage their family finances inthe modern world.
It really makes you wonderabout the future of the
traditional royal wealth modelin the 21st century.

Speaker 1 (12:47):
So those grand castles we picture might end up
as fancy hotels or wedding spots.

Speaker 2 (12:52):
Or vineyards getting sold off to investors.
It seems like, while having atitle still carries social
weight, it's definitely not aguarantee of financial security
anymore.

Speaker 1 (13:00):
It really isn't.
Today's royals seem to be doingthis constant balancing act.

Speaker 2 (13:04):
A very delicate financial tightrope, yeah,
trying to balance tradition andexpectations with the simple
need to well stay afloatfinancially in a world that's
changing fast.

Speaker 1 (13:15):
So, wrapping this up, this deep dive really shows
that common idea of royaltybeing forever rich.
It's often just not true, is it?

Speaker 2 (13:24):
Not at all.
It's more of a myth.
In many cases, we've seen thatcrowns can definitely break,
fortunes can disappear and eventhe grandest palaces can end up
well crumbling.

Speaker 1 (13:33):
Yeah, it's been quite a journey seeing that
transformation from these superpowerful monarchs to just
individuals trying to figure outa new reality.

Speaker 2 (13:40):
Often by reinventing themselves.
Right Palaces become museums,royals become sort of historical
influencers in a weird way.

Speaker 1 (13:47):
That image we started with the gold throne versus the
empty coffers.
It leads to a pretty potentfinal thought, doesn't it?

Speaker 2 (13:53):
Yeah, the idea of a broken crown sitting on top of a
crumbling palace.
It's a powerful metaphor.

Speaker 1 (13:59):
It reminds you that even what looks like the most
permanent dazzling wealth isactually temporary, vulnerable
to changes in power in society.

Speaker 2 (14:08):
Absolutely, and it kind of makes you wonder,
doesn't it, what other thingsthat seem totally solid and
unshakable today might actuallyface.