Spain’s King Juan Carlos does not have foreign bank accounts, the royal palace said Thursday, following a newspaper report that he received an inheritance worth 2.3 million euros (3 million dollars) from his father 20 years ago. Juan de Borbon (1913-1993) left his heirs a total of 4.4 million euros that was deposited in three Swiss bank accounts, the daily El Mundo reported in April. Juan de Borbon never ruled as king, but his son acceded to the throne in 1975 after the death of dictator Francisco Franco, who had picked Juan Carlos to succeed him as head of state. A palace investigation has now revealed that inheritance money Juan Carlos had in Switzerland was spent to cover “obligations and debts” left by his father, palace sources said. The accounts were empty and closed by 1995. The sources said they were “convinced” that the king had paid taxes on the inheritance, though no documents exist as proof.