<\/p>\n
MPs in the United Kingdom will investigate the royal family’s property portfolio, after revelations Andrew Mountbatten-Windsor \u2014 Queen Elizabeth II’s second son \u2014 had not paid rent for two decades sparked outrage.<\/p>\n
Parliament’s Public Accounts Committee (PAC) on Tuesday, local time, announced it would launch an inquiry in the new year into The Crown Estate, a private company, which among many interests holds several residential leases with members of the royal family.<\/p>\n
Mr Mountbatten-Windsor, a brother to King Charles III, was stripped of his royal titles this year, amid fresh accusations relating to his friendship with convicted sex offender Jeffrey Epstein.<\/p>\n
He is also being kicked out of the 30-room mansion he’s lived in since 2003, Royal Lodge.<\/p>\n
British media have since savaged the fact Mr Mountbatten-Windsor had been living in the property almost rent-free, although he did pay \u00a38.5 million ($20.8 million at the time) up-front for renovations.<\/p>\n
PAC chair Sir Geoffrey Clifton-Brown wrote to the Crown Estate seeking further information about the lease arrangements for Royal Lodge in October.<\/p>\n
The organisation replied in November.<\/p>\n
“Having reflected on what we have received, the information provided clearly forms the beginnings of a basis for an inquiry,” Sir Geoffrey said in a statement on Tuesday.<\/p>\n
The Crown Estate is one of the largest holders of property in the UK.<\/p>\n
While it is technically owned by the monarch, it is an independent business, and its profits are passed to the UK’s Treasury.<\/p>\n
The Treasury in turn pays the monarch an annual Sovereign Grant \u2014 money which allows them to perform official duties.<\/p>\n
The Crown Estate handles multiple leases for members of the royal family, including Prince William and Princess Catherine, who reside in the eight-bedroom Forest Lodge, in Windsor.<\/p>\n
The company’s response to Sir Geoffrey’s letter has been made public and revealed not everyone’s deal was as generous as Mr Mount-Batten Windsor’s.<\/p>\n
Prince Edward, another of the King’s brothers, signed a 50-year lease in 1998 to live at Bagshot Park, a 120-room property near Windsor, for an initially annual price of \u00a390,000, which has since been renegotiated.<\/p>\n
Princess Alexandra, a first cousin to the late Queen Elizabeth II, signed a 70-year lease in 1971 for a large property in Richmond Park, named Thatched House Lodge, which included an annual rent of \u00a3410 for the first 35 years and \u00a3700 for the second 35.<\/p>\n