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Prince Andrew has only paid “peppercorn” rent on his 30-bed royal mansion, it has now been revealed. The King’s brother, 65, has come under criticism recently as a result of new and damaging accusations made against him linked to his previous links with the late convicted paedophile Jeffrey Epstein.
While Andrew has continuosly denied any accusations and wrongdoing, he did bow to public pressure to give up his royal titles, including being The Duke of York. However, some members of the public and even members of Parliament remain unsatisfied. This led to demands for the lease of Andrew’s Royal Lodge home - a sprawling Crown Estate property - to be made public.
The Times has now said to have seen the leasehold agreement for Royal Lodge, where Andrew has lived for over two decades along with his ex-wife Sarah Ferguson.
While it was initially believed he was paying a monthly rent on the property, the lease terms suggest he has only had to pay “one peppercorn” in rent per year since 2003, if demanded.
The news outlet states that the lease also shows how the prince initially paid £1 million for the lease, along with at least £7.5 million for refurbishments completed in 2005.
It is believed Andrew would have only needed to pay a “notional rent” if he did not keep up with property renovations.
The prince’s initial £8.5 million payment when signing the lease equated to £113,000 per year, which would be less than the market “notional rent” for the 30-bed mansion.
The news outlet also noted that an agreement in the lease shows that if Andrew is required to move, the Crown Estate - who manages Crown properties - would need to pay Andrew almost £558,000.
A “compensatory sum” of £185,865 a year would also be given to Andrew until he reached year 25 of the agreement in 2028. The lease currently means the family can live at the property until 2078.
The pressure to access lease documents came just days after Andrew gave up using his royal titles and honours on Friday following continued accusations against him - which he denies. He released a statement in which he acknowledged how his previous friendship with Epstein, and the accusations that have followed, have distracted from the work of the Royal Family.