Its current holder is Leonor, Princess of Asturias, heiress to Felipe VI.
The title specifically represents the heir to the Kingdom of Valencia, a part of the Crown of Aragon.
The Crown of Aragon and its institutions were formally abolished after the War of the Spanish Succession (1702–1713) with the accession of the first Bourbon king of Spain, by the Nueva Planta decrees, under which all the lands of Aragon were incorporated, as provinces, into a united Spanish administration, as Spain moved towards a more centralized government under the new Bourbon dynasty.
By royal decree[1] from 21 January 1977, the hereditary titles of the former Crown of Aragon were invested in Don Felipe de Borbón, naming him "Prince of Asturias and other titles historically related to the Heir to the Crown of Spain".
In 1996, on the occasion of an official visit to Cervera, Prince Felipe assumed the title in a public ceremony.