The deal that means Prince Andrew can still afford to live in Royal Lodge
Summary
Prince Andrew has a unique lease deal for his Windsor home, Royal Lodge, which allows him to live there with minimal annual rent payments. The lease agreement included significant up-front payments made by Prince Andrew for renovations and to cover future rent, totaling over £8 million. This arrangement means he currently does not have to make monthly rent payments, even though he no longer receives financial support from the royal family.Key Facts
- Prince Andrew has a lease agreement for Royal Lodge in Windsor with annual rent described as a "peppercorn," meaning a very small amount.
- The 75-year lease was agreed upon in 2003 and includes up-front payments for renovations and future rent.
- Prince Andrew paid more than £8 million in total for these future rent and renovation costs.
- The up-front payment covered approximately 33 years of rent, allowing for cost-free living after 2036.
- Buckingham Palace previously wanted Prince Andrew to move out due to the property's grandeur.
- The funds for the lease arrangement came at a time when Prince Andrew was less controversial.
- The Crown Estate, the property's owner, finds having a royal resident beneficial due to security concerns.
- Prince Andrew has to maintain the property's exterior to a certain condition as part of the lease.
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