Saudi Royals Are Selling Homes, Yachts and Art

Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom’s de facto ruler tightened the purse strings of the ultrawealthy ruling family.

Now, some royal family members are selling assets abroad to generate cash after Crown Prince Mohammed bin Salman, the kingdom’s 36-year-old de facto ruler, dried up many of the sources of money they had used to maintain their extraordinary spending habits, said people close to the princes conducting the sales.

A representative for Prince Bandar said he has sold all his assets abroad “because he saw bigger benefits to investing in the kingdom with the amazing job the crown prince is doing and creating all the investment opportunities.”