King Juan Carlos I of Spain is to abdicate the throne.
The announcement was made by the country's Prime Minister Mariano Rajoy on Monday morning (02Jun14).
His only son, Prince Felipe, will become Spain's next monarch. Reports suggest the country's constitution will have to be amended to allow the process to take place.
The 76 year old has ruled since 1975.
No official reason for his abdication had been released as Wenn went to press.
The actor says he isn't "holding out for more money or doing anything like that".
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