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
Rainier III, Prince of Monaco jewel thief known as René the Cane as her lover). According to numerous obituaries, the prince was faced upon his ascension with a treasury that was practically empty. The small nation's traditional gambling clientele, largely European aristocrats, found themselves with reduced funds after World War II. Other gambling centers had opened to compete with Monaco, many of them successfully. To compensate for this loss of income, Rainier decided to promote Monaco as a tax haven, commercial center, real-estate development opportunity, and international tourist attraction. The early years of his reign saw the overweening involvement of the Greek shipping tycoon Aristotle