Spanish King Felipe VI of Spain has renounced the wealth of his father King Emerit Juan Carlos I.

He has also distanced himself from his father&nbsp;over the alleged financial irregularities involving the former monarch.&nbsp;

The announcement came after reports earlier this month that the former monarch Juan Carlos had received 100 million dollars from Saudi Arabia’s late King Abdullah in 2008 through an offshore account.

Also read: <a href="https://www.wionews.com/world/spain-in-last-chance-bid-to-avoid-fresh-elections-249587">Spain in last-chance bid to avoid fresh elections</a>

A later report stated that 52-year-old King Felipe was also a beneficiary of the fund, which it said had been set up when Juan Carlos was still on the throne.

In the palace statement released Sunday, the reigning king said that in April he had made it clear to a notary that he would accept no money from the foundation in question.

Watch: Art or show? 228,000 dollar to burn down a statue of Spain's king

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/art-or-show-228000-dollar-to-burn-down-a-statue-of-spains-king-200480/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Felipe denied any knowledge of the fund in Sunday’s statement.

The royal house said in a statement that in addition to renouncing his inheritance, Felipe is stripping Juan Carlos of his annual stipend.&nbsp;

The statement said King Felipe was renouncing any assets, shares or investments that might be either illegal or compromise the royal family's integrity.

According to the national media reports say Juan Carlos has until now received an annual allowance from the state of more than 194,000 euros.

Juan Carlos, 82, became king in November 1975 and reigned until his abdication in June 2014.

Spanish King Felipe VI of Spain has renounced the wealth of his father King Emerit Juan Carlos I. He has also distanced himself from his father over the alleged financial irregularities involving the former monarch.

Spanish King Felipe VI of Spain has renounced the wealth of his father King Emerit Juan Carlos I. He has also distanced himself from his father over the alleged financial irregularities involving the former monarch. The announcement came after reports earlier this month that the former monarch Juan Carlos had received 100 million dollars from Saudi Arabia’s late King Abdullah in 2008 through an offshore account. Also read: Spain in last-chance bid to avoid fresh elections A later report stated that 52-year-old King Felipe was also a beneficiary of the fund, which it said had been set up when Juan Carlos was still on the throne. In the palace statement released Sunday, the reigning king said that in April he had made it clear to a notary that he would accept no money from the foundation in question. Watch: Art or show? 228,000 dollar to burn down a statue of Spain's king Felipe denied any knowledge of the fund in Sunday’s statement. The royal house said in a statement that in addition to renouncing his inheritance, Felipe is stripping Juan Carlos of his annual stipend. The statement said King Felipe was renouncing any assets, shares or investments that might be either illegal or compromise the royal family's integrity. According to the national media reports say Juan Carlos has until now received an annual allowance from the state of more than 194,000 euros. Juan Carlos, 82, became king in November 1975 and reigned until his abdication in June 2014.

Spanish King renounces inheritance and distances himself from father amid scandal

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Spanish King renounces inheritance and distances himself from father amid scandal