5 Unanswered Questions About How Prince Andrew Funded the Jet Lifestyle
HE has been dubbed ‘Air Miles Andy’ for his love of lavish spending, but the trial of a possible sex case against Prince Andrew has raised questions about how he can afford it. pay legal bills.
Monitor The Queen decided to take away the royal patronage and military title, the Duke of York could face a costly court battle with accuser Virginia Roberts Giuffre.
It led to reported that he was about to sell his Swiss chalet to finance an out-of-court settlement up to 10 million pounds.
Royal biographer Nigel Cawthorne said: “Although Andrew now lives frugally at home and borrows one of his mother’s horses to ride around Windsor Park instead of going around the world, it appears to be financially sound. of the duke is running out.
Here, the expert explores the key questions that still surround the Prince’s finances.
How much will the legal battle cost?
This week, a US judge rules that Andrew will sensationalize face a court battle with Miss Giuffre.
The duke failed in her attempt to stop the case after being sued for allegedly sexually abusing the accuser when she was just 17 years old.
The bomb verdict is a blow to the royal family, who have steadfastly denied Ms Giuffre’s allegations.
Cawthorne said the increased legal costs – already over a million – will only increase further, regardless of whether a trial goes ahead or an agreement is reached.
“There was a first legal team that he formed to deal with the FBI’s request to interview him in the United Kingdom, greeting his old friend Donald Trump as president,” he said. speak.
“Then there’s the civil case brought by Virginia Giuffre. So far the total is estimated at £1.5 million and growing.
“If the case goes to trial, his legal bills will amount to anywhere between £3m and £4.5m.
“Miss Giuffre’s attorney David Boies has also made it clear that she also expects a humiliating admission of guilt and an apology.
“It could be unbelievable for the prince, who has told the BBC’s Emily Maitlis he has ‘no recollection’ of meeting Miss Giuffre and wants his name cleared.
“If the trial goes ahead and the jury finds Miss Giuffre, the prince will be asked for the damages and punishment she is asking for – again, which will cost millions more.”
What is Andrew’s actual income?
Over the years, Andrew has lived the billionaire lifestyle, relaxing on a superyacht and vacationing on the beach in St Tropez.
In 2015, he was spotted wearing the latest 18-carat Apple Watch worth £12,000 and was spotted driving a Bentley with a personalized DOY number plate.
The Duke receives a Royal Navy pension that amounts to £20,000 a year
It is believed he no longer receives an annual grant of £249,000 from the Sovereign Grant – so any further funding comes from the Queen and business interests.
Writing for The Sun, royal financier Norman Baker said he was told by an acquaintance: “I would compare Andrew to a hot air balloon. He seems to hover serenely in rare circles without any visible means of support.”
What’s the truth behind the controversial £15m home sale?
The prince has previously come under scrutiny for the sale of his controversial former marital home.
Cawthorne said: “He sold Sunninghill Park in Berkshire, in 2007 for £15m – £3m more than the asking price after lingering on the market – to a Kazakh tycoon.
“It was a wedding gift from the Queen.”
The Daily Mail claims that Andrew also tried to convince Coutts, the Queen’s bank, to use oligarch Timur Kulibayev as a client.
The reports follow earlier allegations that Andrew tried to broker a deal between a Greek wastewater company and a Swiss financial firm in which he would have benefited from a commission. worth £4 million.
Cawthorne continued: “Andrew and Fergie currently live without rent in the seven-bedroom Royal Lodge in Windsor Great Park.
“Then there’s a ski lodge in Switzerland with six staff that he is said to be selling for an estimated £18m – minus the £6.6m he still owes the previous salesperson sue him.
“The swish property was bought in 2015 with a mortgage as an ‘investment’ and a little help from the Mother Bank, presumably, he won’t have to pay it back.”
How much is Andrew borrowing – and from whom?
Last year, The Sun revealed Andrew had been given £1.5million by a controversial businessman to pay off a loan he had taken out from a private bank.
Eleven days earlier, in 2017, Andrew had borrowed the same amount from Banque Havilland – a company controlled by the multi-millionaire family and former Tory Party treasurer David Rowland, Bloomberg reported.
Banque Havilland denies any wrongdoing.
The payout unravels the enduring mystery of Andrew’s wealth.
Cawthorne said: “Just a few months ago, it became clear that since 2015 he had had a borrowing base with Luxemburg Banque Havilland, whose shares are controlled by the family David Rowland, one-time Tory Treasurer .
“The loan has been increased tenfold to £1.25m – last in March 2017, roughly the price of a Bentley to cover ‘living expenses’ among other things.
“The interest rate alone was 8% and in December 2017 a debt amount of £1,503 million was reported.”
Will the queen turn off the money faucet?
It is thought the Queen is channeling Andrew’s legal bills from her income from the Principality of Lancaster, Cawthorne said.
Established in the 14th century, income from the principality was given to sovereigns to carry out their official duties.
However, the biographer claims the Queen faced pressure from within her family to turn off the money faucet.
Cawthorne said: “It is hard to see how defending her son in a sex case in a foreign court is one of Her Majesty’s official duties.
“Prince Charles and Prince William are understood to be very angry and think Andrew should sort out the mess on his own.”
Cawthorne says his bank balance could be pushed to the brink.
“The lofty sums involved raise questions about whether the prince could go bankrupt without grants from the Civil List or the Privy Fund to support his shortfall financially,” he added. .
“If the royal family doesn’t help, he can always call a friend. Maybe someone in Kazakhstan?”
https://www.thesun.ie/news/8214541/5-unanswered-questions-about-how-prince-andrew-funds-jet-set-lifestyle-as-royals-cratering-finances-hit-home/ 5 Unanswered Questions About How Prince Andrew Funded the Jet Lifestyle