UK watchdog reveals Prince Andrew's undisclosed rental income and royal property lease details
Consensus Summary
A National Audit Office report released on June 5, 2026, revealed that Andrew Mountbatten-Windsor earned undisclosed rental income from subletting three cottages on the Windsor estate while paying only a symbolic peppercorn rent for Royal Lodge. The 75-year lease, secured in 2003, required a £1 million premium and £7.5 million in improvements, with no significant ongoing rent payments. The report also highlighted that King Charles funds accommodation for Andrew’s non-working daughters, Princess Beatrice and Princess Eugenie, through the Privy Purse. The findings come ahead of a parliamentary inquiry into royal property arrangements, with campaigners calling for broader financial transparency. While the Crown Estate insists leases were agreed at market value, critics argue the arrangements lack accountability. Andrew, now living at Sandringham, faces ongoing scrutiny over his ties to Jeffrey Epstein, including an arrest in February 2026 for suspected misconduct in public office. The NAO also noted that working royals like Prince William pay substantial rents, while others, like Prince and Princess Michael of Kent, live rent-free despite past commitments to pay.
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Key details reported by multiple sources:
- Andrew Mountbatten-Windsor earned undisclosed rental income from subletting three cottages on the Windsor estate while paying only a symbolic 'peppercorn rent' for Royal Lodge.
- The National Audit Office (NAO) report was published on June 5, 2026, ahead of a parliamentary inquiry into royal property arrangements.
- Andrew secured a 75-year lease on Royal Lodge in 2003, paying a £1 million premium and £7.5 million for improvements, with a peppercorn rent thereafter.
- King Charles pays for accommodation occupied by Andrew’s daughters, Princess Beatrice and Princess Eugenie, despite neither being working royals.
- Princess Beatrice lives in accommodation at St James’s Palace, and Princess Eugenie lives at Ivy Cottage within Kensington Palace, with rents paid through the Privy Purse.
- The Crown Estate generated £3.6 million in rental income in 2024-25 from residential properties used for non-official purposes.
- Prince William pays over £307,200 a year in rent for Forest Lodge on the Windsor estate, with a 20-year lease starting in 2025.
- The Crown Estate is a self-funding public corporation managing royal properties, with profits paid to the Treasury.
- Andrew Mountbatten-Windsor was arrested in February 2026 on suspicion of misconduct in public office, linked to Jeffrey Epstein allegations.
- The NAO report found 11 working members of the royal family live rent-free in seven palace residences as part of their official duties.
Points of Difference
Details reported by only one source:
- Andrew was photographed with a large bruise on his cheek on June 5, 2026, while driving near Sandringham estate.
- The NAO found Andrew could have received compensation of over £300,000 for ending his lease early, but this is unlikely due to property condition and outstanding repairs.
- The Crown Estate spent almost £400,000 on repairs to Forest Lodge before Prince William and Catherine moved in.
- Campaigners like Republic and Norman Baker called for a public inquiry into all royal finances, not just Andrew’s.
- The adjusted rent for Beatrice and Eugenie’s residences is typically 60% of market value, with Beatrice’s rent at 68% and Eugenie’s at 64% of market value.
- The Crown Estate’s profits, known as the Sovereign Grant, are reviewed annually and handed to the royal family to support official duties.
- Prince Edward and Sophie paid a £5 million premium for Bagshot Park and also generated income by renting out the stable block up to 2020.
- The NAO report was billed as an update on its 2005 report into royal property arrangements.
- Prince and Princess Michael of Kent continue to live rent-free in their Kensington Palace apartment despite Buckingham Palace announcing in 2008 they would pay their own way.
- The NAO declined to publish current market valuations for properties, citing them as private information.
Where the reporting differs
Details that conflict, or appear in only some outlets:
- The Guardian and ABC suggest Andrew’s subletting may have generated profit, while royal sources insist the rent was set only to cover maintenance and running costs for staff.
- The Guardian states the adjusted rents for Beatrice and Eugenie cover costs met by the Sovereign Grant, while ABC does not specify this detail.
- The Guardian mentions Prince Edward’s stable block was rented out until 2020, but ABC does not reference this specific detail.
Source Articles
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It’s been revealed the disgraced former prince, spotted with a large bruise on his cheek, made money from his Windsor estate despite paying a peppercorn rent for two decades.
Bruised Andrew back in spotlight over secret rent deals
It’s been revealed the disgraced former prince, spotted with a large bruise on his cheek, made money from his Windsor estate despite paying a peppercorn rent for two decades.