Prince Andrew is reportedly in despair because his brother Charles the King received all of Queen Elizabeth II’s fortune.
King Charles III is the sole beneficiary of their late mother’s wealth thanks to a 1993 agreement that exempts assets moving from one sovereign to another from being taxed. The queen left an estate estimated to be worth over $700 million.
The late queen’s fortune was passed directly to the king because it was the most tax-efficient way to do it. Therefore, none of her other children were named beneficiaries, including Andrew, Edward and Princess Anne.
Experts say Prince Andrew should never have expected to receive any of his mother’s money as he knew the law made it so they could avoid the crippling inheritance tax.
Queen Elizabeth II also became the sole beneficiary of the Queen Mother’s estate when she passed away, for the same reason.
Princess Anne and Prince Edward already receive a huge stipend from the sovereign grant because they are working royals. Prince Andrew, however, stepped down from his royal duties four years ago after the Jeffrey Epstein scandal.
A friend of the prince told Daily Mail that Andrew was in despair and was left in the dark as he did not know that King Charles would get everything.
A palace insider, however, told the outlet that the prince had not been targeted for poor treatment and that the late queen supported her children when she was alive and provided for them.
Prince Andrew will likely have to change his lifestyle.
According to a palace insider, the late queen proposed the idea of Andrew moving into Frogmore cottage to allow the Prince and Princess of Wales, William and Kate, to move into the Andrew’s residence, Royal Lodge, with their three kids. Frogmore was given to Prince Harry and Meghan Markle as a wedding gift by the Queen, but they have been evicted.
It will become increasingly difficult for Andrew to manage the vast estate after his annual allowance of $300,000 gets cut in half in April. Sources say Andrew is still resistant to move out of the 98-acre property, Royal Lodge.
Queen Elizabeth stripped Andrew of his honorary military titles, removed his royal patronages, and barred him from using his royal title before she died, after he was accused of sexual assault of a minor.
