CAUSE Andrew’s mysterious source of money has once again made his finances in the spotlight after he agreed to a £12m deal with sex accuser Virginia Roberts.
This comes just weeks after he asked for a jury trial when he vehemently refused Roberts‘claimed that he had sex with her three times when she was a teenager.
Although the exact amount of the payment has yet to be announced, it is reported that it could be as high as £12 million.
Speaking to The Sun Online, royal financier David McClure said: “This settlement came much sooner than any of us expected.”
As David said before, Andrew’s source of money has long been “covered in mystery”.
He officially receives a regional pension from the Queen of £248,000 a year and a navy pension of around £20,000 annually.
However, as David pointed out, he will have other sources to pay for this settlement.
Last month, Andrew sells a ski chalet in Switzerland purchased by him and Sarah Ferguson in 2014 before any upcoming legal costs he may face.
The bungalow is worth around £17 million, but David claims he will make a fraction of that when selling it.
“Prince Andrew made a few million on that sale, but he’s going to have to split that with Fergie, and he has a mortgage to pay for it, so he’s likely lost money. on that account,” David said.
He may also have money left over from the 2007 sale of Sunninghill Park, his and Fergie’s former home, to a Kazakh financier for £15m, £3m more than the asking price.
It comes as MPs have called for an inquiry into the source of Andrew’s settlement money to ensure that no cash has come from the public’s pockets.
Labor MP Jess Phillips told The Sun Online: “It makes perfect sense for the public to know if their money played a part in this settlement and to be honest and transparent about the matter. This would be Prince’s best approach to answering these questions.
“I don’t know how much remorse or effort Prince Andrew will show to combat child trafficking and sex crimes, however, I don’t know how he is seen as an ally. in that fight by those who work every day to end the growing problem of child sex trafficking in the UK.”
Several other politicians have also called for a cash investigation by Prince Andrew’s court.
Labor MP Nadia Whittome tweeted: “This settlement is not some kind of charity – it prevents this from going to court. We must also ask, where does the money come from?”
Much of the settlement payout is likely to come from the Queen.
“The Queen will help pay for her son for the simple reason that she has disposable money and he doesn’t,” he said.
“There is a precedent for this with the Queen supporting her children when she helps Prince Charles who settled his £17m divorce from Princess Diana which he was unable to pay. “
According to David, the Queen’s money can come from two main sources: the Principality of Lancaster and her private portfolio.
Dating back over 650 years, the Duchy of Lancaster is a private property of the Royal Family, providing an independent source of income for the monarchy.
Last year alone, it was reported that the Queen raked in around £23 million, which, according to David, is Andrew’s most likely source of settlement.
He said the Queen is likely to also have her own “private portfolio”, but “nobody knows how much this is”.
The Royal Family doesn’t want to damage the reputation of a shameful lawsuit
Since she didn’t pay any income taxes until 1993, it’s believed she built up a number of stocks and shares she could dip into to help bail Andrew out.
“She’s going to pay the price because the Royal Family doesn’t want to damage the reputation of an embarrassing case in any given year, let alone the Queen’s platinum year.”
However, David challenges the £12m figure for the payout as “too high”, saying the true figure would not be higher than £10m and could be higher in the region of £5m.
Away from his mother, Andrew is said to have some source of personal income in the form of financial advice he is said to have received from figures like Wall Street billionaire Jeffrey Epstein.
Financier paedo also lent Sarah Ferguson £15k to cover some of her expenses, which later came to light in 2011.
Andrew is also alleged to have worked what David calls an “opener” for offshore banks, although he warns that the source of revenue is “now completely over” for the Duke.
He owned no public property, and rented the Royal Lodge near Windsor to the Queen for pepper rents.
“He doesn’t have many valuable assets,” David said. “His cars can be rented, but he can sell his Bentley or an expensive watch or two.”
While York Center MP Rachael Maskell urged the prince to give up his title of Duke of York out of respect for the people of the city.
David added: “Andrew is done, and will be instructed as much by the Royal Family. The Palace will order him to keep his head down. He has lost his title. He needs to stay away from the papers in Year of the Queen’s Celebration.”
And David has warned Andrew’s problems may only get worse when his brother Charles becomes king.
“Andrew is likely to find his brother much less generous than his mother,” he said. The Queen is most likely paying for Andrew’s security. Charles will be tougher on ‘badly behaved’ royals. “
He said Andrew might even offer to leave the Royal Lodge and work for a charity as a sign of humility.
https://www.the-sun.com/news/4700085/prince-andrew-settlement-money-queen/ The mystery of where Prince Andrew’s £12m cash payments came from as MPs demanded an investigation into his millions