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The Conversation
The Conversation
Robert Hazell, Professor of British Politics and Government & Founder of the Constitution Unit, UCL

Prince Andrew’s ‘one peppercorn’ lease exposes how little is known about royal finances

In announcing that Prince Andrew would no longer use his title or honours, Buckingham Palace hoped to shift the spotlight away from his friendship with Jeffrey Epstein, and the accusations of sexual abuse he has faced (and denied).

The media were encouraged to focus instead on King Charles’s visit to the Vatican, and the royal family’s good works. But this strategy has failed. Revelations about Prince Andrew’s living arrangements and finances have whetted the appetite for more.

One such revelation is his royal residence. Andrew has a 75-year lease from the crown estate on Royal Lodge, a large house in Windsor Great Park. The Times published the lease, revealing that he paid £1 million for it plus a minimum of £7.5 million in refurbishments. In return for this very large upfront cost, Andrew pays an annual rent of “one peppercorn (if demanded)”.

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