A source said William is “mindful of how much the monarchy costs” and will be “hands on” in restructuring to cut costs.
Prince William is preparing to bring an end to the arrangement that allows non-working royals like Princesses Beatrice and Eugenie to live in royal properties without paying full rent, according to reports from senior sources.
The future monarch, now 43, is said to be planning a full review of royal residences and who lives in them as part of a broader overhaul of the monarchy’s property portfolio, according to International Business Times.
The issue has been building for some time. Beatrice and Eugenie have never paid market rate rent for their homes at St James’s Palace and Kensington Palace, despite both having working careers and husbands with successful careers of their own. Their rent is covered by the King’s private funds and charged at a discounted rate of around 40 per cent below market value, according to HELLO Magazine.
To put that in plain terms, comparable properties in Kensington are estimated by local estate agents to command between 4,000 Pounds and 15,000 Pounds per month, depending on size and condition. A two-bedroom flat near St James’s Palace was recently listed 19,000 Pounds a month.
According to The Royal Observer, the matter was thrust into the spotlight after the National Audit Office stepped in. A report from the National Audit Office revealed that King Charles’s Privy Purse is funding the rent for Princess Beatrice and Princess Eugenie, which many felt sat awkwardly with his stated goal of a modernised monarchy.
The original arrangement goes back years. A source told The Times: “The rental deal was made with their father as he wanted them to have a foothold in the royal palaces.” Beatrice holds an apartment at St James’s Palace, while Eugenie occupies Ivy Cottage, a three-bedroom residence at Kensington Palace, used as London boltholes while both women have set up their primary homes elsewhere.
Beatrice resides primarily in 3 million Pounds Oxfordshire property with her husband Edoardo Mapelli Mozzi and their children, while Eugenie and her husband Jack Brooksbank have established their main home in Portugal, according to AOL.
The scandal surrounding their father, Andrew Mountbatten-Windsor, has added further strain. The sisters have spent recent months being buffeted by the fallout from their parents’ disgrace in the wake of revelations related to the sex offender Jeffrey Epstein.
William’s position on all of this is being closely watched. Sources quoted by The Sunday Times say the Prince of Wales wants to ensure the institution he will one day lead is “fit for purpose in the modern era” and that he plans to look closely at how working and non-working royals are housed, according to International Business Times.
A source said William is “mindful of how much the monarchy costs” and will be “hands on” in restructuring to cut costs.
According to The Telegraph, William and Catherine have already set a personal example. The couple pay 307,500 pounds in rent per year for their grade II listed mansion at Forest Lodge in Windsor, which is 100,000 pounds more than the previous tenants paid. There is also a clause in their lease preventing the sub-letting of the cottages on the grounds.
Former Liberal Democrat minister Norman Baker was more blunt. He said it was “outrageous” that royal family members had been able to benefit from such arrangements without public disclosure. Reports in February suggested William was already evaluating whether Beatrice and Eugenie have a future within the royal family, with commentator Richard Fitzwilliams noting it may fall to William to make a final decision on the matter.
For now, no formal announcement has been made. But the message from the Prince of Wales appears clear. A leaner, more transparent monarchy is coming, and those who do not work for the Crown may soon find they can no longer live at its expense.
