Meanwhile, Prince Andrew, the Duke of York, has been under the microscope. Today, his alleged abuse of Virginia Giuffre still stokes Americans’ blood-boiling rage. This latest controversy adds to his legacy’s tarnish and makes his financial picture more complicated. Pretty much everyone seems to be wondering now how he’s getting away with living such an extravagant lifestyle. The king has allegedly canceled payments for his home at Royal Lodge. Now, all eyes are on how Prince Andrew will fund the increasingly high costs associated with his opulent lifestyle.
A committee of senior Members of Parliament (MPs) has called for greater transparency on arrangements made with Prince Andrew’s £3m home. Indeed, they are more and more concerned over his business matters. He intends to take a hard look at his finances in the immediate future. This is amid growing concerns where he should be getting income sources, and the public’s distrust grows as his known connections to characters like Jeffrey Epstein emerge.
Last year, King Charles III stopped covering the costs associated with Prince Andrew’s residence at Royal Lodge, a 30-room Georgian mansion situated in Windsor Great Park. This decision came after what has been characterized as a “Gaza-style siege” encircling the property. The pressure on Prince Andrew—as it should be—is severe. Reports suggest that finding a way to retain Royal Lodge would be more expensive for him — by up to £2 million annually.
Prince Andrew’s finances are a tangled web. His only declared income source is a pension accrued while in the navy, where he served from 1979-2001. During his period as a working royal, which finished in 2010, he accepted official remuneration from the public purse. His most recent publicly-available earnings topped out at £249,000 annually. This income is not enough to support the lifestyle that he’s accustomed to.
This has been made all the worse by Prince Andrew’s previous associations with Epstein. According to various investigative reports he was paid £15,000 by Epstein to settle some of Sarah Ferguson’s debts. He was shown to have personally received at least £750,000 in 2022 related to financier Selman Turk. Turk is now (and very appropriately) defending these fraud allegations in the high court. These familial ties have only served to deepen the UK’s suspicions about Prince Andrew’s financial motivations and pursuits.
Prince Andrew’s first big proactive move came in the form of developing new revenue streams. He supported Yang Tengbo in going after investors in China to fund a commercial venture. This action should make anyone’s jaw drop. His troubled past and the potential consequences of him using his royal status for personal profit only add to the controversy. Critics say Prince Andrew and ex-wife Sarah Ferguson have long sought to capitalize on their royal ties. They think both have sought financial gain through the abuse of their positions.
Prince Andrew’s efforts to hold onto his lavish lifestyle haven’t just been in shady side deals, kickbacks and hedge fund dalliances. In 2007, he sold his country mansion, Sunninghill, near Ascot for £15 million—half as much as it was worth. The “buyer” was the son-in-law of Kazakhstan’s autocratic president. But such dealings have been condemned by critics who claim they are opportunistic.
Prince Andrew is reported to be facing an annual police security bill of around £3 million. King Charles’ withdrawal of funding for this expense has put him under that daunting load. This huge economic strain makes his already tenuous predicament even worse.
Author Andrew Lownie, a well-known royal biographer, remarked on the major barriers in Prince Andrew’s path.
“It is clear that obstructions have been placed in front of Andrew. One has to ask why.” – Andrew Lownie
He went even deeper, getting into the details of Prince Andrew’s friendship with Epstein. He insinuated that both men exploited one another for their own self-serving purposes.
“The prince was a useful idiot who gave him respectability and access to political leaders and business opportunities. What drew Andrew to Epstein? An opportunity to join the super rich and a lifestyle to which the duke had long aspired.” – Andrew Lownie
Scorn for Prince Andrew’s actions have been at an all time high. Robert Jenrick, a fellow Conservative MP and former cabinet member, expressed such fiery outrage on the prince’s behalf.
“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.” – Robert Jenrick
The investigation into Prince Andrew’s financial dealings and living arrangements could have significant implications for the royal family as they navigate public relations challenges in light of ongoing controversies. It is still unclear how he will lead in dealing with this coming financial pressure while navigating the collateral damage of past decisions and relationships.