Andrew sublet three cottages while paying ‘peppercorn rent’ to crown estate A National Audit Office report details how Prince Andrew received private income from subletting cottages on his Windsor Royal Lodge estate while paying a “peppercorn rent” to the crown estate. The report also outlines adjusted rent payments for other royal family members residing in royal properties, with these arrangements varying based on management and purpose. These findings have prompted public inquiry into royal property arrangements and their financial implications.

• Prince Andrew sublet three cottages on his Windsor Royal Lodge estate while paying a “peppercorn rent” to the crown estate.
• King Charles pays an “adjusted” rent below market value for royal palaces occupied by Princesses Beatrice and Eugenie.
• The Prince and Princess of Wales’s Forest Lodge underwent £400,000 in repairs before they moved in, paying an annual rent of £307,200.
• Rent and lease arrangements for royals differ based on property management (crown estate vs. royal household) and the reason for accommodation.
• Properties managed by the royal household typically have an “adjusted rent” at 60% of market value due to security requirements.
• Prince Andrew paid a £1m premium and £7.5m on refurbishment for Royal Lodge under a 75-year lease.
• The Duke and Duchess of Edinburgh paid a £5m premium for Bagshot Park and also generated income by renting out the stable block.
• Seven members of the royal family lease five properties from the crown estate, with terms agreed at open market value at different times.
• Eleven working royals receive residences within occupied royal palaces at no cost in exchange for official duties.