A business group says that since Spain's King Juan Carlos is getting rid of the luxury yacht they gave him, they want it back.

The Balearic Islands' Fundatur foundation has written a letter asking the National Heritage Department to return the 135-ft "Fortuna" they gave the king in 2000 after he asked for the government to take it off his hands.

The heritage department Tuesday said it had yet to receive the letter but added that it would be up to the government to decide the boat's future.

The king's decision was seen as belt-tightening measure as Spain braves a severe economic crisis. It came as the monarchy's popularity is at an all-time low following a number of scandals that have tarnished the family's image.