A recently surfaced leasehold agreement has shed new light on the financial arrangements for a royal residence occupied by the King’s brother. The document, pertaining to a 30-room Windsor estate, indicates the resident has paid a symbolic, negligible rent for over two decades.
The lease, which commenced in 2003, stipulates an annual rent of “one peppercorn (if demanded),” a legal term signifying a token amount. This arrangement has effectively allowed the occupant and his former spouse to reside in the multimillion-pound property without significant housing costs for 22 years. Previous public estimates of a substantial annual rent were inaccurate according to the terms now revealed.
The initial agreement required a payment of approximately £1 million to secure the long-term lease on the property, which was formerly the Windsor home of the late Queen Mother. Furthermore, the leaseholder was responsible for covering extensive refurbishment costs, reported to be in the region of £7.5 million, which were completed years ago.
While the nominal rent could prompt questions about potential lost public revenue, a government spokesperson referenced a past independent audit. That review, conducted nearly two decades ago, concluded that the estate managers followed standard procedures in the negotiation and found the transaction to be appropriate.
The lease is set to run for 75 years. Should the occupant surrender it early, the agreement entitles him to a compensatory payment until a key milestone in 2028. The document also outlines stringent and costly obligations for the leaseholder to maintain the extensive property and grounds to a high standard.
This financial revelation comes amid a period of significantly reduced official royal duties and titles for the resident, following personal controversies. Reports have previously suggested that his tenure at the estate may be under long-term review due to the immense upkeep costs, despite a temporary reprieve being granted.
