What happens to Prince Andrew's finances now he has been stripped of royal title

With the news that Prince Andrew has been stripped of the use of the title 'Prince' and with it, all its airs and graces, attention must turn to his finances.

The fall from grace of the third and long considered favourite child of the late Queen Elizabeth II is now complete.

He has not only been stripped of his name and all titles and styling, but will also be giving up his home of more than 20 years, Royal Lodge.

Andrew Mountbatten Windsor, as he will now be known, having already given up his titles including Duke of York two weeks ago, will move out of Royal Lodge in Windsor Great Park as soon as is practicable.

He will not be given another home within the Crown Estate as had been predicted, but will live in exile somewhere on Sandringham estate, one of the private royal residences owned by his brother King Charles.

There, he will seemingly rely on his brother's goodwill to make ends meet, given his income sources, or lack of, have raised eyebrows for some time.

It is believed King Charles will help financially support his younger brother, who may find himself without a source of income beyond his naval pension and dividends on any investments he may have. But even these are based on dubious business dealings.

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He may also receive some form of compensation for agreeing to vacate Royal Lodge before his iron-clad 75-year lease expired in 2078.

Just how Andrew, 65, affords to live has been the subject of much scrutiny.

His only known source of income is the $40,000 a year pension he receives from his time in the navy.

During his time as a senior working royal, he had also received funding through the Sovereign Grant.

This was made public up until 2010, when the British government stopped reporting how much the royals were receiving from the public purse.

According to The Guardian, Andrew received the annual payment at least between 1978 and 2010, with the last publicly announced figure being the $500,000 he received in 2010.

After that time, it is assumed he continued to receive the grant until he stepped down from his royal duties in 2019.

Most royal watchers believe that after that time, the Queen continued to give Andrew an annual income from her own private funds, which was believed to have been as much as $2 million a year.

After her death in 2022, King Charles reportedly continued to support his brother, even funding his security detail.

But this stopped late in 2024 as part of a tussle over Andrew's refusal to leave Royal Lodge.

Since then it has emerged Andrew has paid no rent for most of the 20 years he has lived in Royal Lodge, which is owned by the Crown Estate.

He was, however, responsible for the upkeep of the home, as well as his own security costs since last year.

Moving to Sandringham, which is located in Norfolk, about three-hours' drive from his current home in Windsor, will mean he will not need to pay rent or for security whenever he is inside the gates.

Andrew has an estimated net worth of about $7 million. Some of that would have come from the sale of his former home, Sunningham Park, where he lived before Royal Lodge.

That home was a gift from the late Queen to mark Andrew and Sarah's 1986 wedding.

He later sold it for about $30 million.

In 2022, he also sold a luxury Swiss chalet he owned with Sarah for about $40 million. They had purchased the property eight years earlier.

Andrew is thought to derive an income from his investments, but these are not publicly known and some are dubious.

There have been numerous other questions over Andrew's dealings overseas.

Andrew was the UK's Special Representative for International Trade and Investment for 10 years until July 2011. He was not paid for the role but his travel and other expenses were reimbursed by the UK government.

Andrew Lownie, a historian who wrote a book about Andrew and Sarah called Entitled: The Rise and Fall of the House of York, previously told The Times that some of Andrew's wealth came from his business dealings through his friendship with Jeffrey Epstein.

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"As [Andrew] himself admitted in his Newsnight interview, Jeffrey Epstein introduced him to useful business contacts," he said.

"He also developed lucrative connections in Central Asia and the Middle East during his 10 years as special representative for trade and investment.

"There have long been concerns about how he has since used those contacts.

"Now he is no longer a working royal, there is far less scrutiny of his business activities, but it is an area that needs to be looked at."

Over the years, details of some of Andrew's controversial business associates have emerged in various court cases.

Just last week, the BBC reported that Andrew was paid tens of thousands of pounds by a British businessman linked to a wealth management company that ripped off pension savers.

The BBC said documents from the High Court in London showed that Andrew received $121,000 from British businessman, Adrian Gleave, in December 2019.

The payments came to light in a High Court case brought by a Turkish millionaire, who claimed money she paid Andrew and his former wife Sarah Ferguson had been misappropriated by a business adviser.

According to an "agreed statement of facts signed by or on behalf of the Duke and Duchess, Mr Gleave and Alphabet", Mr Gleave's company Alphabet had "previously made, and might in the future make, substantial payments to HRH Prince Andrew the Duke of York".

The BBC also previously quoted court papers that showed Andrew received $1.5 million from the wife of a jailed Turkish former politician. He later returned the money.

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