HANNOVER ROYAL FAMILY’S RESIDENCE SOLD FOR 1 EURO TO GERMAN GOVERNMENT
Prince Ernst-August of Hannover, Duke of Braunschweig, the heir of the Head of the Hannover Kingdom, is obliged to rid himself of the residence of the Hannover House, the Marienburg Palace due to its enormous renovation costs.
Early on, the commission of the Lower Saxony federal state estimated the cost of renovation at 27 million euros. For lack of such funding, Prince Ernst-August junior, managing director of all the assets of the Hannover Royal House seceded – for a symbolic sum of 1 euro – his right of owning the Marienburg Palace to Germany’s government.
Now the spending on renovation and maintenance of the Matienburg Palace will be equally shared by the federal government and Lower Saxony’s authorities. Restoration work is scheduled to start in 2020. In the future, the castle is supposed to accommodate a museum and a premium class hotel.