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The U.K. National Audit Office released a report on royal property arrangements, finding that Andrew Mountbatten-Windsor received an undisclosed income from subletting three cottages on the Royal Lodge estate while paying only a nominal peppercorn rent for the 30-room mansion.

The U.K. National Audit Office released a report on royal property arrangements, finding that Andrew Mountbatten-Windsor received an undisclosed income from subletting three cottages on the Royal Lodge estate while paying only a nominal peppercorn rent for the 30-room mansion.

Mountbatten-Windsor's 2003 lease for Royal Lodge required a £1 million upfront payment and a £7.5 million refurbishment commitment in exchange for the peppercorn rent arrangement. He vacated the property earlier this year and relocated to King Charles's Sandringham estate.

Mountbatten-Windsor's 2003 lease for Royal Lodge required a £1 million upfront payment and a £7.5 million refurbishment commitment in exchange for the peppercorn rent arrangement. He vacated the property earlier this year and relocated to King Charles's Sandringham estate.

The NAO said Mountbatten-Windsor could be entitled to between £301,967 and £488,342 in compensation for surrendering his lease early, though the Crown Estate has indicated he is unlikely to receive any payout once the cost of outstanding repairs is assessed.

The NAO said Mountbatten-Windsor could be entitled to between £301,967 and £488,342 in compensation for surrendering his lease early, though the Crown Estate has indicated he is unlikely to receive any payout once the cost of outstanding repairs is assessed.

King Charles pays the rent for Princesses Beatrice and Eugenie through the Privy Purse. Beatrice lives in St. James's Palace and Eugenie in Ivy Cottage at Kensington Palace, with rents set at roughly 60% of open market value, though the NAO found this rate had not always been consistently applied.

King Charles pays the rent for Princesses Beatrice and Eugenie through the Privy Purse. Beatrice lives in St. James's Palace and Eugenie in Ivy Cottage at Kensington Palace, with rents set at roughly 60% of open market value, though the NAO found this rate had not always been consistently applied.

Princess Eugenie's rent was based on a 2018 open market valuation from 2020 to 2021, ranging from 50% to 63% of that value, while Princess Beatrice's was based on a 2020 valuation, ranging from 60% to 68%. Both are now set at 64% and 68% respectively of a 2026 valuation.

Princess Eugenie's rent was based on a 2018 open market valuation from 2020 to 2021, ranging from 50% to 63% of that value, while Princess Beatrice's was based on a 2020 valuation, ranging from 60% to 68%. Both are now set at 64% and 68% respectively of a 2026 valuation.

The NAO report, the first review of royal residences in 20 years, identified 255 residential properties in the royal portfolio. Its findings will form the basis of a Public Accounts Committee inquiry into whether royal property arrangements represent value for money.

London Business News

The NAO report, the first review of royal residences in 20 years, identified 255 residential properties in the royal portfolio. Its findings will form the basis of a Public Accounts Committee inquiry into whether royal property arrangements represent value for money.

NAO Audit Exposes Royal Property Deal Secrets

NAO Audit Exposes Royal Property Deal Secrets

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NAO Audit Exposes Royal Property Deal Secrets

NAO Audit Exposes Royal Property Deal Secrets

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