King docks his yacht while broke Spaniards frown on big spenders Luxury: King Juan Carlos with royal guests during a family holiday in the Balearic Islands, August 1990. King Juan Carlos of Spain has renounced the use of his yacht, which costs taxpayers €25,000 ($33,000) to refuel, in the latest nod to austerity by the Spanish royal family. For the past 12 years it has provided countless photo opportunities: the monarch at the helm of the 40-metre motor yacht cruising around the waters off Majorca while various members of his family sun themselves on its deck. But on Thursday, the 75-year-old king decided to give up one of his most prized possessions amid growing resentment by Spaniards at the privileges enjoyed by the elite in a nation with an unemployment rate of more than 27 per cent. Spain's King Juan Carlos (right) waves beside Queen Sofia. The 75-year-old king has had a spectacular fall from grace as scandals undermine his public approval. A source at Zarzuela Palace said: "It wasn't something he felt comfortable with any longer." The 35-tonne vessel, named Fortuna, was given to the state for use by the king in 2000 by a group of businesses on the Balearic Islands, where the royal family has its summer palace. The €21 million yacht was the latest in a series that had played host to visiting dignitaries.