Prince Luitpold was born at Schloß Leutstetten near Starnberg, in Bavaria. He is the only surviving child of Prince Ludwig of Bavaria (1913–2008) and his wife Princess Irmingard of Bavaria (1923–2010).

On 25 June 1979 Prince Luitpold married Katrin Beatrix Wiegand (born Munich 19 Sep 1951), daughter of and his wife Ellen Schumacher. The civil wedding took place at Starnberg and the religious ceremony followed a day later at the Andechs Abbey in Bavaria. Initially the union was considered morganatic, but on 3 March 1999 the marriage was declared to be dynastic. The couple had five children and four grandchildren:

Because the current head and heir of the Royal House of Bavaria, Duke Franz and his younger brother Max, have no male offspring, their first cousin Luitpold and his son Prince Ludwig are next in line to inherit representation of the House of Bavaria's historically royal legacy.

Prince Luitpold is the proprietor and CEO of a brewery located at Kaltenberg Castle (König Ludwig GmbH & Co. KG Schlossbrauerei Kaltenberg) which was founded in 1871, and largely extended by the prince who also purchased Marthabräu brewery at Fürstenfeldbruck in 1980, where now most of his dark and white beer is produced. At Kaltenberg he also organizes an annual jousting tournament.

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