What no one told you about the extravagance of Felipe III: parties, expenses, and the bankruptcy of the Spanish state.

Discover the shocking story of Philip III, a monarch whose extravagance and wastefulness brought the Spanish state to the brink of bankruptcy. From 1598 to 1621, his reign was marked by lavish parties and celebrations that, although dazzling, masked the decline of an empire in crisis. The chronicles of the time, including those of El Greco, reveal a feast of exorbitant spending at a moment when the Spanish economy was crumbling. This article uncovers what no one has told you about the fleeting splendor of Philip III's court and its role in the fall of an era. Don't miss this fascinating exploration of the wastefulness and bankruptcy that transformed the history of Spain! Read more to discover how luxury became a symbol of the decadence of a great European power.

November 30, 2025

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Philip III: The Extravagance That Led the Spanish State to Bankruptcy

In the twilight of the Habsburg era, one of the most controversial monarchs was undoubtedly Philip III. His reign, which lasted from 1598 to 1621, was marked by excessive extravagance in parties and celebrations, while the Spanish state plunged into bankruptcy. Today, we unveil what no one has told you about how the splendor of the court became a symbol of the decay of an empire that once dominated Europe.

The Lavish Parties of Philip III: A Feast in Times of Crisis

During Philip III's reign, luxury and opulence reigned at the Spanish court. Chronicles from the era, such as those by El Greco and other contemporary chroniclers, describe parties that turned into truly extravagant banquets where exorbitant amounts of money were spent. For instance, in 1605, a grand banquet was held at the Royal Palace of Madrid with over 1,000 guests and a variety of dishes that included pheasants, venison, and of course, the famous chocolate that was beginning to be served at court. This kind of wastefulness was common while the nation faced increasingly severe financial problems.

The expenses of the court far exceeded the state's revenues. According to the report prepared by his treasurer, Francisco Gómez de Sandoval y Rojas, Duke of Lerma, in the early years of his reign, the king spent more than 12 million ducats on celebrations. This level of spending was unsustainable, and the nobles at court often wondered if the glory of Spain was worth the price they were paying.

The Role of the Duke of Lerma: Advisor or Accomplice in Extravagance?

The primary culprit behind this extravagance was undoubtedly the Duke of Lerma, who became the king's favorite and...