Rainier III, Prince of Monaco of Monaco, the Palais Princier announced that Rainier's son, Hereditary Prince Albert, would take over the duties of his father as regent since Rainier was no longer able to exercise his royal functions. On 1 April 2005, the Palace announced that Rainier's doctors believe his chances of recovery were "slim". On 6 April, Prince Rainier died at the Cardiothoracic Center of Monaco at 6:35 AM local time at the age of 81. He was succeeded by his only son, who became Prince Albert II. He was buried on 15 April 2005, beside his wife, Princess Grace, at the Cathedral of
Monaco villas to poor documentation and archiving. As of 2016, Monaco still had no official preservation laws governing historic buildings. In 1960 Prince Rainier III established the Monaco Economic Development Corporation to attract new business to the Principality. It was successful in this, but the influx of new investors and workers resulted in a wave of demolitions of Belle Epoque villas to enable the construction of apartments and new hotels. Following major development in the 1970s, Prince Rainier III banned high rise development in the Principality. However his successor, Prince Albert II, overturned the Sovereign Order. This, and a further influx of