Monaco Royal Family - the History of the Royal Family of Monaco

The first member of the Monaco royal family to set foot on this tiny bit of Mediterranean land was Francesco Grimaldi back in 1297. He knocked at the door of the fortress of Monaco dressed as a monk and asked for hospitality. On being admitted by the guards, Francesco pulled out a knife and killed them before letting in his men. In 1308 the Grimaldis purchased the surrounding land from its Genoese owners (at one time they owned land between Antibes and Menton - nowadays the Principality is little bigger than half of Manhattan's Central Park).

For centuries the Monaco royal family derived the majority of their income from taxes levied on lemons and olives. When Menton (still today a town of lemons) revolted and broke away from Monaco in 1848, the Grimaldi's faced bankruptcy! The ruling Prince at the time, Charles III sought inspiration in the success of the Duke of Baden-Baden's casino (a hugely popular summer resort had been created by luring gamblers to his casino). Charles III believed that Monaco would be the ideal winter casino venue. He founded the Societe des Bains de Mer (SBM) to operate a super-casino and the associated tourist industry. The SBM would be majority-owned by the state (and thus Monaco royal family who today own 69% of SBM).

The casino was built on a rock which the Prince named after himself: Monte Carlo. The French boss, François Blanc, of the Homburg-Baden casino was head-hunted to head up the operation. Blanc was a business genius and did a deal with the French government, lending them money to build their opera house in Paris in return for the French building a train line and station through to Monte Carlo. The train whisks eager gamblers in today. The casino was a massive success.

So successful, that in 1870, Monaco abolished taxes for citizens and residents.

France legalized gambling in 1933 and thus ended Monaco's monopoly and today the wealth of Monaco and the Monaco royal family is not earned at the gaming tables (less than 5% of the country's earnings). It was during the difficult days of the 1950s that the then ruler, Rainier III, once again brought back some glamour to Monaco.

Rainier III married the stunningly beautiful and much loved American film star Grace Kelly in 1956. This fairytale marriage and its associated cachet once again put Monaco on the map. High rollers from around the world once again sought out Monaco. The Monaco royal family, via SBM sought out other ways to build their business interests.

Today, SBM run many top hotels in the Principality and tourism (both vacation and business tourism), media and culture are the big earners.

In 1982, Princess Grace was tragically killed in a motor car accident. She is fondly remembered today. Her husband, it is believed, never got over her death.

Rainier III died in 2005 and was succeeded by his son Albert. His Serene Highness (HSH) Albert II continues his father's work, in particular by publicising environmental issues: Marine ecosystems and broader global concerns. He is the first ruling sovereign to reach the North Pole.

Other surviving members of the Monaco royal family include Rainier III's eldest child Caroline and their youngest Stephanie.

Caroline married the Ernst-August, the Prince of Hanover in 1999 (her first marriage ended badly while her second husband, and father of 3 of her 4 children died in a speedboat crash).

Stephanie, singer, swimwear designer and fashion model has been styled a "wild child" by the media. She was a passenger in the car when her mother was killed. Stephanie married her bodyguard and father of two of her children in 1995 - they divorced in 1996 after her husband was photographed cavorting with "Miss Topless-Belgium"(!) Stephanie has subsequently had another child (father unknown/un-published). Famously Stephanie had a serious relationship with a Swiss elephant trainer, though this finished in 2002. And she "allegedly" married a Portuguese trapeze artist in 2003 and divorced him in 2004 ... who can be sure when one reads press reports, but it is anything but dull!

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