ThinkSpain Tuesday said Prince Felipe will also be making his 2011 salary, resulting in a $18,680 pay cut for Felipe and a $28,000 cut for Juan Carlos.
Juan Carlos will receive $390,000 annually, and Felipe $195,000, ThinkSpain reported.
Carlos made $73,000 in cuts to the rest of the royal family, mainly in what Queen Sofia and the other royal women spend on their official engagements.
Sources within the Spanish royal household said the king is attempting to cut expenditures, and said there are 27 fewer cars for use by the royal family, reducing the fleet to 45.
The royal household also cut its website costs to $46,000.
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