There is still Royalty in Transylvania, although it is in the name of the King of Romania now. The current pretender to the Romanian throne is the former King Michael of Romania who was deposed by the communists of Romania in 1947- however, he is regaining some of his former popularity. He is not, a prince of Transylvania. This title goes to another person
Long ago though Transylvania had its own Prince. Not surprisingly the leader was called "Prince of Transylvania." The person was the leader of the government of the area. The Habsburgs who would later rule both Austria and Hungary would take the name of Grand Prince of Transylvania, although there were princes of Transylvania before this time. In a twist, the first Grand Prince of Transylvania from the House of Hapsburg was a Grand Princes, Maria Theresa. She would be Queen of Hungary in 1840, and Transylvania was a part of Hungary at this time. Her husband Francis was known as grand Prince of Hungary, but she was the person who held the power of the Austrian throne.
After the formation of the Dual Monarchy of Austria and Hungary, in 1867, the Grand Prince of Transylvania was also the King of Hungary and Emperor of Austria- the foremost title being Emperor of Austria.
The last person to lay claim to Grand Prince of Transylvania was Emperor Karl I of Austria, King of Hungary, and the seventh Grand Prince of Transylvania. He would hold the title until 1918, when after losing his throne, left Austria and Hungary at the end of World War I, and attempted to regain it before his death in 1922.
His son Otto von Hapsburg is the current pretender to this claim, but as of 2007, his son is the head of the House of Hapsburg and that of the title Grand Prince of Transylvania.