The Royal Family’s Full Property Empire and Secret Financial Deals Revealed
The Andrew scandal opened a can of worms no one saw coming. His eviction from Royal Lodge reignited sharp questions about how royal residences are managed and funded. The former Prince secured the lease to the 30-room estate in 2003 by paying about $1.3 million upfront and later invested approximately $10 million of his private funds in renovations before his symbolic annual rent of ‘one peppercorn’ began. That arrangement is now driving a wide parliamentary review of Crown Estate housing.
The Crown Estate’s internal inspection found Royal Lodge in such poor condition that Andrew Mountbatten-Windsor, in all likelihood, is no longer entitled to the $620,000 compensation he would have likely received for giving up the property earlier than stated in his lease. But he is not the only royal to come under scrutiny. Prince Edward and Princess Sophie’s 120-room Surrey property, Bagshot Park, is among the most unusual cases. In 2007, the Duke of Edinburgh paid roughly $6.2 million for a 150-year lease. He has since been paying 'a peppercorn' rent on the same. Had the property been listed commercially, critics suggest it could have generated a substantial annual income for the Crown.
Prince William and Princess Kate’s Forest Lodge, where they shifted recently, however, operates differently. The residence, estimated to be valued at $20 million, has 8 rooms, and the couple holds a 20-year non-assignable lease. They are paying what the Crown Estate describes as ‘open market rent,’ though the exact figure remains undisclosed. It is estimated to be anywhere between $40,000 and $125,000 a month due to its size, condition, and location.
Along with the Edinburghs and the Waleses, Princess Alexandra’s long-standing arrangement at Thatched House Lodge is also now under inquiry. Her combined rent of roughly $3,400 a year reflects terms established decades ago through two different leases. Her daughter, Marina Ogilvy, rents a three-bedroom cottage in Windsor Great Park under an Assured Shorthold Tenancy at market rate, which the Crown Estate reassesses every three years. Despite the scrutiny, not every royal residence is subject to the review. For instance, properties such as Sandringham, Balmoral, Highgrove, and Gatcombe Park sit outside the Crown Estate because they are privately owned.
Additionally, Prince and Princess Michael of Kent, who pay a commercial rate for Apartment 10 at Kensington Palace, and the Duke and Duchess of Gloucester, who live at The Old Stables following a $1.3 million renovation, also seem to be in the clear. The Duke of Kent continues to live at Wren House on undisclosed terms. Meanwhile, Princess Eugenie uses Ivy Cottage, and Princess Beatrice owns a $4.4 million farmhouse in Oxfordshire. The King, for his part, maintains Highgrove, Birkhall, and his Romanian properties as part of his private portfolio. These residences are not part of the parliamentary review but still illustrate how diverse the family’s living arrangements are. Some rely on historic leases, while others operate on commercial terms agreed upon with the Crown Estate.