June 2, 2014 -- The incoming king of Spain, Crown Prince Felipe, 46, represents a "new generation" said his father, who announced that he is abdicating the throne.
King Juan Carlos, 76, has been the country's royal leader for the last 39 years.
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Here are the most fascinating facts about his son, Prince Felipe:
He was an Olympic yachtsman
Felipe was a member of Spain's Olympic yachting team at the 1992 summer games in Barcelona.
He served in the Spanish military
Felipe graduated from Spanish military academy as a helicopter pilot, lieutenant-colonel in the army and air force and navy frigate commander.
He married a TV star, Letizia, in 2004
He also has two daughters: Leonor and Sofia.
He is the monarch's only son.
Felipe has two elder sisters.
Felipe has represented Spain at the swearing-in ceremonies for presidents in Latin America since 1996
This role reflects his interest in relations with Spain's former colonies, the BBC reports.
Felipe has been educated in Spain and the US
He graduated with a law degree from the Madrid Autonomous University in 1993 and spent two years studying for a Masters in International Relations at Georgetown University in Washington, D.C.
He spent a year at Lakefield College School in Canada as a youth.