Juan Carlos I drops bid to recover €65m gifted to Corinna Larsen

Spain's former king, Juan Carlos I, has decided not to pursue legal action to recover €65 million gifted to businesswoman Corinna Larsen in 2012. The planned lawsuit, which alleged fraud and offenses against his honor, was never formally filed.

The former monarch had also intended to seek €3.5 million from Swiss lawyer Dante Canónica, who was linked to the Panamanian Lucum Foundation. The funds in question originated from $100 million received by Juan Carlos I from Saudi Arabia's Ministry of Finance in 2008.

The €65 million transfer to Larsen occurred following a controversial elephant-hunting trip to Botswana that caused significant public scandal for the Spanish monarchy. While the former king claimed he had been misled, the legal agreement at the time of the transfer established the gift as irrevocable.