Money & Homes

Palaces, leases, loans and an annuity: the finances were always the undercurrent of the story. This page reports the documented figures — and marks clearly where the record goes dark.

On the record

Royal Lodge (2004–2026)

• In 2004, Andrew moved into Royal Lodge, a 30-room house in Windsor Great Park, on a 75-year lease from the Crown Estate.
• The terms: a £1 million premium plus a commitment to spend £7.5 million on refurbishment, in exchange for a peppercorn rent. A 2004 National Audit Office report had called the property “high risk” and in need of major works — the leaseholder-funded model was the mechanism for fixing it.
• He shared the house with Sarah Ferguson from 2008.
• After the 30 October 2025 palace announcement, formal notice was served requiring him to surrender the lease. The Crown Estate confirmed he would receive no compensation for the early surrender.
• He departed on 2 February 2026, moving to Sandringham; Wood Farm and then Marsh Farm were reported as his addresses.

Sunninghill Park (1986–2007)

• Built for Andrew and Ferguson near Windsor Great Park; construction completed in 1990.
• Sold in 2007 to Timur Kulibayev, son-in-law of Kazakhstan’s president Nursultan Nazarbayev, for a reported £15 million — £3 million above the asking price, transacted through offshore companies.
• In 2009 reported as derelict (a 2013 aerial photograph showed severe decay); it was ultimately demolished.
• A BBC investigation later raised questions about the provenance of the funds; Kulibayev denied wrongdoing and was not charged. The palace said: “There was never any impropriety on the part of The Duke of York.”

Sandringham (2026–)

Following the lease surrender he moved to the King’s private Norfolk estate — first Wood Farm, then Marsh Farm from April 2026 — a private tenancy on a private estate, funded privately.

Income: what is documented Reported

• Royal Navy pension: reported at around £20,000 a year.
• Annuity from the monarch: historically around £249,000 a year from the late Queen; in April 2023 Charles reduced it (reported); in October 2024 he reportedly withdrew funding for Andrew’s private security; the annuity was reportedly ended entirely.
• Pitch@Palace and related vehicles: income streams, if any, are not publicly documented.
• Beyond these figures, his private means are not public — and this page does not speculate about them.

The 2025–26 scrutiny of royal finances

• In 2026, The Sunday Times reported that the £1 billion private wealth of Charles and William was being examined amid pressure for financial transparency; separate reporting examined how income streams from the duchies (Lancaster and Cornwall) operate.
• In June 2026, the National Audit Office published a review finding that the royal palaces had generated more than £4.9 million in rental income from 2021 to 2024, renewing questions about the use of royal properties — in a climate where Andrew’s own lease arrangements were under examination.

Debts and loans Reported

• In 2021 Bloomberg reported a £1.25 million loan from firms connected to David Rowland that was repeatedly extended and then cleared by a £1.5 million transfer from a Rowland-controlled account; Bloomberg’s reporting also noted a £1.5 million loan from Rowland entities toward the end of 2016 that was partially repaid. These are press-reported financial arrangements, not findings of wrongdoing.
• In 2011 Sarah Ferguson publicly apologized for allowing Epstein to pay off a debt of hers — a separate, documented admission by her.

Source notes

• Royal Lodge lease terms (premium, refurbishment, peppercorn rent), 2004 NAO “high risk” assessment, surrender and no-compensation: Crown Estate and NAO records as reported; departure date 2 February 2026 as reported.
• Sunninghill Park (built 1990, sold 2007, £15m/Kulibayev, dereliction): press and property reporting; fund-provenance questions: BBC investigation; denials and palace response as quoted.
• Sandringham move (Wood Farm, Marsh Farm from April 2026): reported.
• Pension (£20k) and annuity (£249k, reductions 2023–24): reporting as attributed; exact post-2024 figures not public.
• £1 billion royal-wealth reporting: The Sunday Times, 2026. NAO rental-income review: National Audit Office, June 2026.
• Rowland loans: Bloomberg Businessweek/Bloomberg News (2020–21). Ferguson debt admission: her 2011 statement.