Prince Andrew earned annual income by subletting three cottages on the Windsor estate while living rent-free at Royal Lodge [1], [2].
The findings highlight a systemic failure in how the Crown Estate manages public assets, raising questions about financial transparency and the private use of royal properties.
According to a report from the National Audit Office (NAO), the prince subletted three cottages [1] on the estate near Royal Lodge in Windsor, England [1], [2]. This arrangement continued for roughly 20 years and ended in 2024 [1], [3]. During this time, Prince Andrew lived at Royal Lodge without paying rent for about 20 years [3].
Financial records indicate the prince earned between £100,000 [2] and £150,000 [3] per year from these sublets. The NAO found that the Crown Estate allowed the private use of these cottages without charging market rent, which enabled the prince to generate a private profit [1], [2].
"The report shows that the use of public assets for private gain is unacceptable and that the Crown Estate must ensure appropriate rent is paid," Sir John Manzoni, chair of the National Audit Office, said [1].
The audit also examined other royal residences. It noted that the children of Prince Andrew are currently living rent-free in royal properties located in central London [1], [2]. This occurs despite the fact that they are not working royals [3].
The Crown Estate is responsible for managing the land and property portfolio of the monarchy. The NAO report suggests that the lack of oversight allowed for these financial discrepancies to persist for two decades [1].
“The use of public assets for private gain is unacceptable”
This audit underscores the ongoing tension between the private lives of the royal family and the public accountability of the Crown Estate. By identifying a 20-year gap in rent collection and the unauthorized generation of private profit from public assets, the NAO is signaling a need for stricter governance to prevent the monarchy's assets from being used as private revenue streams.
