The Emperor gives his empire away in "The Mystery of the Four Dragons," a Season 3 Sesame Street insert. (First: Episode 0299)
In the story, an aged emperor in ancient Japan offers the throne to his son if he can find four dragons hidden in the room before midnight. The Evil Prime Minister thinks that the son will never find the dragons in time. The son finds the dragons in a painting, and inherits the empire.
The Emperor reappeared in another Japanese tale, "The Emperor's New Gong."