New Report Reveals Prince Edward’s Eye-Watering Debt After Failed TV Venture
Prince Edward wrote off a $135,000 debt owed by 'Ardent Productions' for offices at Bagshot Park, keeping it under wraps for decades.
Long before he became King Charles's trusted confidant, Prince Edward was just a young royal determined to make his mark in business. Confident in his ambitions, he launched Ardent Productions in 1993 to establish himself as a TV producer. Sadly for him, after years of losses and reputational damage, the company struggled to stay afloat, owing nearly $135,000 in rent debt for its Bagshot Park offices. Now, a new report claims the six-figure debt was quietly absorbed and remained largely unknown for more than two decades.
According to official documents uncovered by The Telegraph, Ardent Productions operated from converted stable-block offices at Edward's Bagshot Park estate in Surrey for four years. That being said, between 1999 and 2003, the company paid only $24,300 in rent, despite annual charges being set at $67,500 before being increased to $84,400. Interestingly, the company's $135,000 debt accumulation in rent costs was "absorbed by the Royal couple," referring to Edward and Duchess Sophie. The arrangement between Edward and his now defunct company was exposed after the National Audit Office (NAO) released its report into royal leases earlier this month.
Earlier this year, a rental brochure for the Old Stables office building showed that it was available to rent for more than $175,000 a year. Under the terms of the lease, Edward is permitted to let the property only at a "rent not less than the rent which the [the Prince] ought reasonably to obtain in the open market." The Grade II-listed office space, located around 400 metres from the main residence, was taken off the market at the end of last year for refurbishment. While it has yet to be relisted, the outlet understands the property was successfully leased before 2020.
For those unversed, Ardent Productions suffered severe reputational damage in the mid-2000s when Edward allegedly breached a young Prince William's privacy at university, sending a camera crew to capture him leaving a lecture hall, to sustain his company. The Duke of Edinburgh was also accused of banking on his royal connections, making a string of documentaries on the royal family. The company effectively shut down in 2009 after struggling financially and failing to secure enough commissions because of the incident with William and Edward's decision to focus on his royal duties.
