Apparently, Prince Albert of Monaco fired his longtime accountant last year and the guy, Claude Palmero, is going on some kind of revenge tour through the French press. Palermo kept detailed accounts in every way, accounts of Prince Albert’s spending habits and those of his wife Princess Charlene. Albert had/has an intricate payment system to all of his children conceived before he married Charlene, and Albert and Charlene also employed undocumented immigrants as nannies. Some highlights from the Mail’s reporting:
Charlene’s allowance: According to Palmero’s notes, Princess Charlene, who at 45 is 20 years the Prince’s junior and spent four months in a hospital in 2021/2 for ‘deep fatigue’, was routinely given an allowance of around £1.2 million a year – but still managed to overspend. In 2017, she reportedly needed more than £500,000 to pay off a substantial overdraft. Two years later, the speed at which Princess Charlene apparently burned through money so worried the Prince’s accountant that he wrote in his notes: ‘It’s crazy! I have no control over the Princess’ spending.’
Charlene’s real estate: Charlene poured nearly £2 million into renovating a holiday house in Corsica and redecorating her office, Palmero said. He also claimed she rented another house on the French island where she spent time apart from Albert. Palmero’s notes also show that on one day in April 2016, she asked for £60,000. On another occasion, in 2020, Palermo recorded a one-off payment to Charlene from Albert of £171,000, plus £4,200 in cash.
Charlene’s family gets money too: Meanwhile, Charlene’s family, in particular her brother Sean with whom she runs a charity, were also benefiting from the spectacular largesse of husband Albert, with Sean receiving £786,000 to buy a house in 2022. He now runs a coffee shop in Monaco.
Albert’s finances are struggling because of all of his kids? The entries in Palermo’s notebooks seem to suggest that Prince Albert’s chaotic personal life has drained his riches. He has two acknowledged love children: Alexandre, by former air hostess Nicole Coste, born in 2003; and Jazmin, by U.S. estate agent Tamara Rotolo, born in 1993. According to Le Monde, Jazmin Grace Grimaldi, 31, Albert’s love child with Rotolo, receives £73,000 every three months – despite not being part of the royal family. Palmero noted she was given £4,200 for her 18th and a flat in New York worth £2.6 million seven years later.
Nicole & Alexandre Coste: Palmero also noted that the palace was paying for kidnap and ransom insurance for Alexandre, 20, Albert’s son with Coste. The Prince acknowledged paternity of Alexandre in 2005. In 2015, Alexandre’s mother persuaded Albert to back her fashion business, which was fronted by a shop in London’s Knightsbridge, Le Monde said this week. Palmero noted in 2015 that it was ‘on course [to cost] one million [euros] a year’.
Albert’s private accounts: Libération, another of the French newspapers to whom Palmero spoke, said the Prince had an account at French bank BNP under the name AG for ‘Albert Grimaldi’. The newspaper said the account was used to pay Albert’s former mistresses and their children without his wife knowing. Prince Albert married Charlene in 2011. But Palermo notes that Coste ‘fears’ what Princess Charlene might do to her cosy financial arrangements upon the death of Prince Albert, which is why she had an apartment in London put in the name of their son Alexandre.
Charlene’s nannies: However, some of the most potentially damaging comments in Palmero’s notebooks refer to Charlene’s staff. He notes she employed nannies and other domestic staff who were illegal immigrants, or living in Monaco illegally. ‘Her Serene Highness the Princess makes people work for her who are not compliant,’ Mr Palmero warned Albert. He also referred to ‘a moonlighting Filipino woman who ties up dogs in the shower’. In a letter written in January 2017, he said another employee from the Philippines had been ‘illegal for five years’, despite being on a one-month tourist visa. ‘He gets paid 100 euros a day [£85] which is off the scale,’ Mr Palmero wrote.
The stuff about Charlene’s allowance and her overspending… like, we still don’t know where she lives even now. She spends some time in Monaco, but she reportedly lives in Switzerland now? Or maybe somewhere else. I genuinely hope she squirreled away some money. The undocumented nannies situation is awful, especially given that Albert and Charlene were blowing through millions on ridiculous stuff, yet they couldn’t pay a regular, fair salary to a nanny with a valid work visa? The stuff about Albert’s other bank accounts and the money he gives to his other kids and mistresses… I mean, I expected that? No one is even sure how much Albert is even worth.
Photos courtesy of Avalon Red.
Albert II, Prince of Monaco, and Princess Charlene arrives for the Coroation at Westminster Abbey, London, England, UK on Saturday 6 May, 2023.,Image: 774190642, License: Rights-managed, Restrictions: Please credit photographer and agency when publishing as Justin Ng/UPPA/Avalon., Model Release: no, Credit line: Justin Ng / Avalon 
NO TABLOID. 80th Formula One Grand Prix of Monaco Gala. TT. SS. HH. Prince Albert II and Princess Charlene of Monaco attend the 80th Formula One Grand Prix of Monaco Gala.,Image: 780011577, License: Rights-managed, Restrictions: , Model Release: no, Credit line: Olivier Huitel / Avalon 
NO TABLOID. H.S.H. Princess Charlene of Monaco attends the 62nd Monte-Carlo TV Festival Golden Nymph Awards Ceremony.,Image: 784515273, License: Rights-managed, Restrictions: NO TABLOID, Model Release: no, Credit line: Olivier Huitel / Avalon
NO TABLOID – Princess Charlene of Monaco and Prince Albert II of Monaco attend the Christmas Tree at Monaco Palace on December 20, 2023 in Monaco, Monaco.,Image: 831181674, License: Rights-managed, Restrictions: NO TABLOID, Model Release: no, Credit line: Jean Charles Vinaj / Avalon 
NO TABLOID – Princess Charlene of Monaco and Prince Albert II of Monaco attend the Christmas Tree at Monaco Palace on December 20, 2023 in Monaco, Monaco.,Image: 831181685, License: Rights-managed, Restrictions: NO TABLOID, Model Release: no, Credit line: Jean Charles Vinaj / AvalonncG1vNJzZmivp6x7pLHLnpmirJOdxm%2BvzqZmcW1ka4Bxe8%2BroKeblZSura7Eq6usl5akv66x0ZiYnJufqru1rc2tlqKrj6myrbjIp56YmZyhrKKuzq6rmJmcl7KzwL6cn5qqnJq7pns%3D