The Duke of Lerma and the Madrid Housing Crisis

It’s 1601, and King Felipe III’s personal advisor, the Duke of Lerma, has talked him into moving the capital of Spain from Madrid to Valladolid, where it once held that status. What the king didn’t know was that the Duke had already gobbled up tons of real estate to sell when the court and the thousands moved up. He even sold a palace to the royal family, which would become their residence. This would become the beginning of a great property speculation scam that would send the capital back and forth in just five years and make the minister immensely, and […]