10 Of The Best Bets On The Stock Market That Have Earned The Bet Maker Millions, If Not Billions
Share this @internewscast.com

It turns out Russian oligarchs are not the only wealthy people looking to unload their most valuable assets in view of recent events back home. According to a recent Wall Street Journal report, that group now includes Saudi princes, who together have sold more than $600 million worth of “real estate, yachts, and artwork” in recent years. What has spurred those sales in recent years? Reportedly the sales have been occurring ever since Crown Prince Mohammed bin Salman began cracking down on many of the perks and benefits of royal status they had previously enjoyed.

The perks and benefits include routine maintenance bills on airplanes, yachts, and palaces that they aren’t selling. Where previously those bills would have been footed by the Saudi Arabian government, now members of the royal family are responsible for their own spending. As a result, many have been forced to sell off some of their assets in order to pay bills and trim monthly lifestyle costs.


But it isn’t just the need for some fast cash that is motivating these sales. According to one unnamed source close to some of the royal princes in question quoted by WSJ, it’s also a desire not to attract any unwanted attention from Prince Mohammed by way of lavish spending or other displays of ostentatious wealth:

These people don’t work, they have huge staffs and they’re afraid of [Prince Mohammed],” the source says, adding that the desire behind the sales is usually for a combination of “cash in their back pocket and not to have visible wealth.

A British country estate valued at $155 million is one of the assets recently sold, as are various large yachts and expensive jewels. Once upon a time, the sellers were some of the most powerful people in Saudi Arabia, but now Prince Mohammed has made drastic changes to their situations. British historian and Saudi royal expert Robert Lacey explained to WSJ:

“They’ve clearly been cut down to a disciplined, defined regimen and are having to live on that… [Prince Mohammed is] here for the long term and he’s reshaping things in a long-term fashion.”

In cutting off the royal gravy train, Prince Mohammed has reportedly saved his country’s government hundreds of millions of dollars a year, but some of his political moves go beyond saving money. He’s had members of his family seen as political rivals detained, and he is also reportedly the person behind the Saudi government’s detention of wealthy Saudis at the Ritz-Carlton in Riyadh in 2017, many of whom were only released after agreeing to large financial settlements. The government called it an anti-corruption measure, while critics tend to refer to it as a “shakedown.”

Share this @internewscast.com
You May Also Like

Russell Westbrook Exercises His $47 Million Option For This Season

Russell Westbrook has been the brunt of a lot of criticism over…

Did Nick Nemeroff Commit Suicide? Comedian Wife And Family Life Details

Did Nick Nemeroff Commit Suicide?…

Wimbledon 2022 latest: Nick Kyrgios moans about crowd in Paul Jubb match

Follow MailOnline’s live blog for all the latest news and updates on…

Who Is James Tindale Wife? Married Life Of The Reality TV Star Of All Star Shore

Who Is James Tindale Wife?…

Folorunsho Alakija Net Worth | Celebrity Net Worth

What is Folorunsho Alakija’s Net Worth? Folorunsho Alakija is a Nigerian businesswoman…

There’s A $1.4 Million Check Sitting In Bobby Bonilla’s Mailbox Right Now… Thanks To A Decision He Made 20 Years Ago

For most people, July 1st is a pretty average day. It’s almost…

The Denver Nuggets Just Made Nikola Jokic The Highest-Paid Player In NBA History

The NBA free agency signing period has only officially been open for…

With The Crypto Crash, Odell Beckham Jr.’s Bitcoin Salary Conversion Means He Actually Lost Money Playing In The NFL Last Year

Back in November, Odell Beckham Jr. became the latest athlete/public figure to…