Spain 's King Juan Carlos I ascended throne after nearly 40 years . King 's only son Carlos , a former Olympic yachtsman , to be sworn in within days . Georgetown - educated Crown Prince married former CNN+ anchor Letizia Ortiz in 2004 . Spain 's monarchy dogged by allegations of corruption and fraud in recent years .
Spain 's King Juan Carlos I abdicates throne after nearly 40 years . King 's only son Felipe , a former Olympic yachtsman , to be sworn in within weeks . Georgetown-educated Crown Prince married former CNN+ anchor Letizia Ortiz in 2004 . Spain 's monarchy dogged by allegations of corruption and excess in recent years .