King Charles III’s coronation is going to cost the UK taxpayers a pretty penny.
Buckingham Palace has not released any actual figures, but it’s estimated that his crowning ceremony will cost between £50 million and £100 million ($63-125 million), reports CNBC.
The Coronation — the first of its kind in 70 years — is set to take place this Saturday, May 6, at Westminster Abbey.
Although it’s billed as a slimmed-down event, it will still have plenty of pomp and circumstance.
The weekend extravaganza will include a “King’s procession” and a concert in Windsor Gardens, where Katy Perry and Lionel Richie are slated to perform.
There is also a public holiday on May 8 in honor of the event which is estimated to cost the UK economy a further £1.36 billion in lost productivity, per CNBC.
The lavish event is reportedly all being funded by the UK government, with Buckingham Palace contributing an undisclosed amount.
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The celebration comes at a time when the economy is listless and many Britons are struggling to keep up with soaring prices for basics like food and heating.
According to a recent YouGov poll, just over half of the population say that the coronation should not be funded by the government.
King Charles — who has long rallied for a slimmed-down monarchy — has planned a more subdued service than his mother’s, Queen Elizabeth.
The ceremony will be attended by 2,000 VIP guests, far fewer than were present for the Queen’s coronation which numbered over 8,000. It will also last around one hour, rather than several.
“The coronation will reflect the monarch’s role today and look towards the future while being rooted in longstanding traditions and pageantry,” the palace said in a statement.
One of the 2,000 guests will be his younger son, Prince Harry, without his wife, Meghan Markle.
“Buckingham Palace is pleased to confirm that the Duke of Sussex will attend the coronation service at Westminster Abbey on May 6,” a palace spokesperson told Page Six in April.
Markle will miss the ceremony so she can stay home in California with their two kids: Prince Archie – who is turning 4 that day – and Princess Lilibet, 1.
Prince Harry landed in London by commercial plane on Friday and will return to Los Angeles two hours after his father’s event in order to make it on time for his son’s birthday party.
His brother, Prince William, has an important role in the service as he will pledge his allegiance to King Charles, according to the Liturgy of the Coronation Service.
Prince George, 9, will have a starring role as one of the Pages of Honor during the service.