Queen Elizabeth II down to her last million due to overspending

According to new reports, the Queen of
England is down to her last $1.6m in
reserves after royal overspending. She
was once the richest woman in the world
(in the 80s) and in 2010 Forbes mag
estimated her net worth at around
$450 million and now she's broke? Nah!!
Read the report below..
From Eonline
Perhaps Queen Elizabeth II could
learn something from her thrifty
granddaughter-in-law Kate
Middleton. The 87-year-old
monarch has been overspending
the royal family's famous fortune,
according to a report published by
the Commons Public Accounts
Committee on Monday, Jan. 27.
Following her courtiers' advice, Her
Majesty the Queen's reserve fund
has fallen from £35 million ($58
million) in 2001 to just £1 million
($1.6 million) in 2014. The report
states the royal family is "spending
above their means and dipping
into the reserves...the balance now
stands at an all-time low."
Continue...
The report also reveals that a number of
palaces are in "dangerous or
deteriorating" conditions. Forty percent
of them, in fact, are "below acceptable
standards." It's not exactly new
information, as Queen Elizabeth II knows
that there's an $82 million backlog in
repairs due to tightened government
funding.
Taxpayers fund the royal palaces in
Britain, comprised of more than 300
buildings. In 2013, the public spent about
£31 million ($51 million) renovating and
operating the facilities. The report urged
the treasury to "get a grip" and help the
royal family to prevent "further damage
and deterioration."
According to the report, royal staff
members have been forced to catch rain
in buckets to protect art and antiquities
in some locations. Queen Elizabeth II's
"antiquated" boilers are more than 60
years old.
"The Queen has not been served well by
the Household and by the Treasury," said
Margaret Hodge, the labor chairman of
the Public Accounts Committee. "We got
the impression that they just haven't
tried to make greater savings. Here we
are, we're all in it together, but they are
failing to eek better value for the Queen.
They are dipping into their reserves in a
way that just isn't sensible."
"If you look at the Tower of London and
its visitor numbers it makes you think
that there's potential there. Have they
done their darndest to maximize value
for money?" Hodge wondered.
The royal household has pledged to
introduce a 10-year maintenance plan to
resolve the backlog. It has also pledged
to increase the size of its reserve fund.
Married to Prince Philip since 1947,
Queen Elizabeth II has four children and
eight grandchildren—including Prince
William & Prince Harry.