The financial affairs of the Royal Family have often been unclear, with certain aspects veiled in secrecy. Prince Andrew Mountbatten-Windsor, the King’s disgraced brother, has resided in the lavish Royal Lodge in Windsor for two decades, paying a nominal rent of ‘peppercorn’ after an initial £7.5 million investment for a 75-year lease.
Recently, it was disclosed that Prince Edward, another brother, also had a similar arrangement with the Crown Estate, which oversees royal residences straddling the public and private sectors.
Upon inheriting the title of Duke of Edinburgh following Prince Philip’s passing in April 2021, Prince Philip and the Duchess of Edinburgh moved into the expansive Bagshot Park in March 1998. Initially, the property was leased for five decades at £5,000 annually, later increasing to £90,000 per year after substantial renovations funded partly by the Crown Estate.
These revelations have brought attention to the immense wealth of a family with billions at their disposal. Prince Andrew’s fall from grace due to his association with Jeffrey Epstein has led to inquiries about how he sustained his opulent lifestyle, prompting the Public Accounts Committee (PAC) to launch an investigation into the Crown Estate properties linked to the Royal Family.
As part of the inquiry, it was unveiled that the Prince and Princess of Wales have secured a lease for their new residence, Forest Lodge, adding to the scrutiny on the Royal Family’s property dealings.
Amidst growing concerns over public funds, including the Sovereign Grant received by the Royal Family, questions have emerged about the monarchy’s financial structure. The Sovereign Grant, derived in part from profits generated by the Crown Estate, forms a significant part of the monarchy’s income alongside the Duchy of Lancaster, Duchy of Cornwall, personal assets, and investments.
The PAC’s probe signifies a potential shift towards increased transparency regarding the management and allocation of the Royal Family’s substantial financial resources.