The mystery of Prince Andrew’s finances has drawn renewed attention, with the disgraced royal living in luxury despite having no obvious means of support. His only declared income is a navy pension of around £20,000 a year, yet he maintains the 30-room Royal Lodge in Windsor Great Park and acquired a Swiss chalet for £18m in 2014.
Andrew secured the lease to Royal Lodge in 2003 with a £1m payment after the death of his grandmother, the Queen Mother, and was required to spend £7.5m on refurbishments, which he largely completed by 2005. He pays no rent, but the lease demands the property be kept in good condition; last year, repairs were estimated at £2m, with reports of peeling paint and black mould. He also faces a £3m annual police security bill after King Charles stopped funding it.
Public records show Andrew received nearly £13m from the public purse for his royal work between 1978 and 2010, with the last published figure being £249,000 in 2010. After that, the late Queen and then Charles provided an annual private allowance, believed to be £1m, but Charles reportedly stopped this last year amid pressure for Andrew to downsize.
Political figures have called for greater transparency. Keir Starmer has backed “proper scrutiny” of Andrew’s housing, while shadow justice secretary Robert Jenrick said: “It’s about time Prince Andrew took himself off to live in private and make his own way in life. He has disgraced himself, he has embarrassed the royal family time and again. The public are sick of him.”
The secrecy surrounding Andrew’s finances, bolstered by traditional royal confidentiality and deals with wealthy foreign individuals, has long shielded him from public oversight. However, the furore over his association with Jeffrey Epstein and alleged abuse of Virginia Giuffre may force greater disclosure, as a committee of senior MPs has requested more details on his arrangements.
