Prince Andrew Profited From Subletting Cottages on Estate He Rents for Free

WHO:

CNN - Andrew Mountbatten-Windsor, known as Prince Andrew, is involved in the report.

CNN - King Charles III is mentioned as the brother of Andrew Mountbatten-Windsor.

CNN - The report was conducted by the National Audit Office (NAO).

CNN - Buckingham Palace is referenced as having a spokesperson who commented on the report.

CNN - Mountbatten-Windsor's daughters, Princess Beatrice and Princess Eugenie, are mentioned.

CNN - Prince Michael of Kent is also referenced.

WHAT:

CNN - Andrew Mountbatten-Windsor sublet three cottages on his estate.

CNN - He paid £1 million ($1.3 million) upfront for a 75-year lease in 2003.

CNN - Mountbatten-Windsor paid a peppercorn rent to live at the Royal Lodge.

CNN - He spent £7.5 million ($10 million) on renovations for the lodge.

CNN - The report indicated that Mountbatten-Windsor could be entitled to a compensation payment of just over £300,000 ($400,000).

CNN - The report revealed that 145 properties belonging to the Royal Household generated £3.6 million ($4.8 million) in income last year.

WHERE:

CNN - The Royal Lodge estate is located in Windsor, England.

WHEN:

CNN - The report is the first to be released in 20 years.

CNN - The rent for Beatrice and Eugenie had been set using open market valuations from 2020 and 2018, respectively.

CNN - Mountbatten-Windsor has lived at the Royal Lodge for more than 20 years.

WHY:

CNN - The report came under scrutiny following renewed attention to Mountbatten-Windsor’s relationship with Jeffrey Epstein.

CNN - Buckingham Palace expressed gratitude for the report as part of its commitment to transparency.

HOW:

CNN - The cottages were sublet by Mountbatten-Windsor to generate income while he lived rent-free.

(UPDATED June 5, 2026 13:54 UTC)

A new report from the National Audit Office reveals that Andrew Mountbatten-Windsor, also known as Prince Andrew, sublet three cottages on his estate to generate income while living rent-free at the Royal Lodge in Windsor, where he has resided for over 20 years. The report indicates that he paid £1 million upfront for a 75-year lease in 2003 and has spent £7.5 million on renovations, with a potential compensation payment of just over £300,000 expected. Buckingham Palace has commented on the report, expressing gratitude for its transparency amid renewed scrutiny of Mountbatten-Windsor's past associations.