Prince Albert’s Bank Payments to His Mistress and Illegitimate Children Leaked

By: Lauren | Published: Jan 31, 2024

Prince Albert of Monaco certainly has a reputation for scandal, and it’s really no surprise that his name is gracing headlines again with yet another allegation of misconduct.

But this time, there’s allegedly proof within the notes of Prince Albert’s former accountant that he has a secret bank account through which he pays children he conceived out of wedlock. And the documents also have some less-than-flattering things to say about his wife, Princess Charlene.

Claude Palmero’s Notes Are Now Public Knowledge

Claude Palmero worked for the royal family of Monaco for more than twenty years as their in-house accountant.

Prince Albert II of Monaco and Princess Charlene of Monaco attend the Christmas Tree at Monaco Palace

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And now, his diligent notes, which apparently filled five large notebooks, have been released to the French press, who then showed them to the world.

Calling Out Princess Charlene for Outrageous Spending

The first insight into the royal family’s finances Palermo’s notes explain is the gross overspending of Princess Charlene. According to the accountant, she receives a $1.5 million annual allowance but spends a whole lot more.

Princess Charlene of Monaco attends the Monaco National Day

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Apparently, in 2017, she went over budget by an extra $600,000. And Palermo cited several instances in which the princess was given lump sums of $76,500 and $218,000 payments in cash.

Princess Charlene’s Family Is Also on the Royal Family Payroll

Palermo also noted that the princess’ entire family is being paid from the royal family’s accounts, and her brother, Sean Wittstock, seems to be benefiting the most.

Princess Charlene of Monaco, Prince Albert II of Monaco, and Sean Wittstock attend the Sainte Devote Rugby Tournament

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In 2022, Sean was given $1 million to buy himself a house, though he owns a successful business in Monaco.

Princess Charlene Is Costing Prince Albert a Fortune

Between her egregious spending and giving substantial hand-outs to her family, Princess Charlene is personally responsible for spending a significant chunk of Prince Albert’s dwindling funds. 

Princess Charlene of Monaco as a young professional swimmer

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Before becoming a princess, Charlene was a swimming champion from Johannesburg whose parents worked as salesmen and a swim coach. But now, she’s certainly become accustomed to a life of luxury in Monaco.

Princess Charlene Is Also Allegedly Breaking the Law

But according to the notes, Princess Charlene isn’t just spending her money on home improvements and designer products. She’s also illegally paying her employees under the table, as many don’t have the proper visas to work in Monaco.

Princess Charlene of Monaco, Prince Jacques of Monaco, Princess Gabriella of Monaco and Prince Albert II of Monaco appear at the Palace balcony during the Sainte Devote Celebration

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Palermo claims that when Princess Charlene gave birth to her twins, Prince Jacques and Princess Gabriella in 2014, she hired two nannies who are undocumented immigrants from the Philippines. The accountant wrote, “They are not only in an illegal situation, but one entered with a false passport.”


Palermo’s Notes also Called out Prince Albert

Palermo’s notebooks didn’t just call out Princess Charlene’s questionable spending, but Prince Albert’s as well.

Prince Albert II of Monaco attends the Monaco National Day 2023

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While it seems that the prince doesn’t have his wife’s inclination for the finer things, he uses his secret accounts to pay off the women he cheated with and their consequent children.


Prince Albert Has Several Children Outside of His Marriage

It’s no secret that Prince Albert has had several romantic relationships outside of his marriage over the years, some of which resulted in children.

Jazmin Grace Grimaldi attends the 2020 Hollywood For The Global Ocean Gala honoring HSH Prince Albert II Of Monaco/Alexandre Grimaldi Coste attends "Together" Monumental Sculpture by Lorenzo Quinn

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His son, Alexandre Grimaldi Coste, and his mother Nicole Coste, as well as Jazmin Grace Grimaldi and her mother Tamara Rotolo, all receive stipends from the prince, even though they are not technically part of the royal family.


How Much of Palermo’s Accounts Are Completely True?

It’s important to note that Prince Albert has publicly declared that both Alexandre and Jazmin are his children.

Prince Albert of Monaco attends day ten of the Wimbledon Tennis Championships

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But the rest of Palermo’s claims, such as how much Prince Albert gives them, what Princess Charlene spends in a year, and even that she employs “non-compliant” immigrants, are currently just allegations.


Prince Albert Fired Palermo for Misconduct

Palermo was apparently fired by Prince Albert for embezzling funds, though Palermo claims he is completely innocent.

Aerial view of the port of Monaco at dusk

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He said in a statement, “This is a 100 percent denial. I am neither corrupt nor a thief, all improbable things of which the princely family, for whom I devoted myself for two decades, unjustly accuses me today.”


The Very Public Argument

And Palermo isn’t the only former employee at odds with the prince. Prince Albert’s former chief of staff, Laurent Anselmi, and his lawyer, Thierry Lacoste, were both mentioned on other documents that claimed the prince had been manipulating the property market in Monaco.

Houses along the coast in Monaco

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Prince Albert is accusing each of his once friends and employees of various levels of corruption and fraud, though they deny it wholeheartedly, saying it’s the prince who has been breaking the law.


The Royal Family of Monaco Is Flying Through Their Fortune

Prince Albert hasn’t addressed the specifics of the leaked documents, only saying, “The attacks that Mr. Palmero makes against me and against the state of Monaco and its institutions show his true nature and the little respect… he has for the family and the principality.”

American actor Grace Kelly in front of a ranch-style house near Palm Springs, Florida, with her husband Prince Rainier III of Monaco and their children Albert and Caroline, 2963

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However, even if just the numbers are true and the prince and princess are spending as Palermo said they are, many are worried that they could bankrupt the Grimaldi dynasty, which has ruled Monaco for more than 700 years.