Overview
- Parliament’s Public Accounts Committee wrote to the Crown Estate and the Treasury seeking the rationale for Prince Andrew’s lease and whether it represents best value for money, setting a November 28 deadline.
- Official documents confirm Andrew paid a £1 million premium for a 75‑year lease and funded £7.5 million of renovations, with rent set at “one peppercorn (if demanded)” and compensation due if he surrenders the lease.
- The lease states the Crown Estate would owe Andrew about £558,000 on surrender plus annual payments of £185,865 until 2028, reflecting his refurbishment contributions.
- The Crown Estate released Andrew’s unredacted lease but declined to disclose Prince Edward’s Bagshot Park agreement; NAO reporting indicates Edward paid a market rate until at least 2007, with key details after renewal redacted at the Land Registry.
- The Treasury said the Crown Estate operates independently and will respond to MPs, as reported palace discussions about relocating Andrew, including options such as Frogmore Cottage, continue without a final agreement.