Who’s Paying Prince Andrew’s $16 Million Settlement to Virginia Giuffre? What to Know About Royal Finances

Queen Elizabeth II reportedly contribute £2 million ($2.7 million) to Prince Andrew’s settlement with Virginia Giuffre in a civil sexual assault case. The settlement reached February 15th was in a size that has not been disclosed. However, the amount is being reported to be approximately $17 million. estimated at around £12 million ($16.3 million).

It’s been a week of catastrophic scandal for the royal family—just hours after the news of Andrew’s settlement, police in London announced an investigation into allegations that Prince Charles’ charity the Prince’s Foundation was involved in a “cash for honors” deal in which a Saudi citizen was offered a knighthood in exchange for donations. Clarence House, Charles’ London residence, reiterated a previous statement that the Prince had “no knowledge of the alleged offer of honors or British citizenship on the basis of donation to his charities.”
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As the Queen celebrates her 70th anniversary as Queen, the scandals brought new scrutiny to the royal family’s finances and the royal family itself. The scandals come at a time when Britons have the most severe economic hardships. The cost of living crisis in decades. Here’s a breakdown of the scandals so far, and why the royals’ finances are so important:

Settlement of $16 Million with Virginia Giuffre

Giuffre stated in 2009 that she was groomed as a teenage girl by Jeffrey Epstein and Ghislaine Maxiwell (a British socialite). She claims the pair abused her and forced her into sex with powerful men, including the Queen’s second son, Andrew. Maxwell is currently awaiting sentence. Separate sex trafficking casesThe allegations are denied by. Epstein committed suicide while facing prosection in 2019.

Giuffre started last year civil proceedings against Andrew under New York’s Child Victims Act, a 2019 law allowing victims of childhood sexual to pursue compensation for abuse which happened too long ago for criminal charges to be brought.

Giuffre’s lawyers alleged that the Prince sexually assaulted her three times, once in London, again in New York, and a third time on Epstein’s private island in the U.S. Virgin Islands. Andrew has denied any allegations. Andrew presented his defense to the court in 2019 InterviewAccording to the BBC, Giuffre claimed that he does not remember ever having met Giuffre. The civil case against him was not won by his lawyers. Tossed outAndrew was able to be there many times. Due to be deposedMarch 10.

The lawyers from both sides revealed their aforementioned plans on February 15. Settlement in principle had been reached—that would avoid the possibility of the case going to trial. The exact compensation was undisclosed, but it is estimated to be worth around £12 million ($16.3 Million), with part of it going directly to Giuffre and the remainder to the victim support charity.

In the following: Statement, Andrew said he “regrets his association with Epstein and commends the bravery of Ms. Giuffre and other survivors in standing up for themselves and others.” That was in contrast to his comments in a BBC 2019 interview, in which he said he didn’t regret his relationship with Epstein.

According to The Daily TelegraphThe Prince agreed to not repeat his claims that Giuffre was not sex assaulted by him.

Where Prince Andrew’s money comes from

The following are the It could be disastrousBBC interview: Andrew agreed Step backHe was not required to perform royal duties. As a “working royal,” he would have received around £250,000A year’s salary is $340,000 The Prince has not had a full-time paid job since he left the Royal Navy in 2002—he now receives a £20,000 ($27,000) annual pension. He may still be eligible for an annual stipend, but it is not clear.

But, Andrew’s penchant for luxury living—which earned him the nickname “Air Miles Andy”—has led him to far exceed his income, according to the Times of London. November BloombergClaim to have discovered evidence Andrew took out a £1.5 million ($2 million) personal loan that was subsequently paid off by companies connected to a multimillionaire Conservative donor. Bloomberg received no comment from a spokesperson for Duke of York about these transactions.

The spokesperson for Prince said that the BBCAndrew is selling his chalet at the moment he bought in 2015 for over £8 million($10.9 million), with Sarah Ferguson, his ex-wife and the Duchess. His residence cannot be sold, so he can’t.he Royal Lodge in Windsor, since it’s leased from the Crown Estate.

The Queen poured millions of pounds into her son’s civil suit against Giuffre, The Daily Telegraph reported. And, as Andrew’s income is not enough to cover the £12 million ($16.3 million) settlement, she will reportedly be helping to cover those costs too. According to The Daily Mirror, the Queen agreed to contribute £2 million ($2.7 million) as long as she was not connected to any personal payment to Giuffre. Instead, the money will go towards Giuffre’s victim support charity.

The royal family’s It can be complicated finances

The royal family’s finances are complicated. With an estimated personal net worth of $497 million, the Queen is among the world’s richest women, according to the Sunday Times of London’s 2021 Rich List. She has a mix of private and public money.

Every year, the government pays the monarch one payment known as the Sovereign grant. Last year it was £86.3 million ($117.6 million), according to the BBC,This money is used to cover official royal running expenses, including staff travel and expense. The Crown Estate is an independent business which manages land and property owned by Queen Elizabeth II. It determines the value of this grant.

The Queen also receives income from the Queen’s Privy Purse, the profits of a private estate known as the Duchy of LancasterThe consists of over 18,000 hectares and was established in 1399. This £20 million ($27.3 million) income is used for the upkeep of property and to fund the Queen’s private and official expenditure. Some CriticsSome royals advocate that the land be given back to the people.

Another income comes from her inherited private estates like Sandringham Castle or Balmoral Castle. She also has her own investment portfolio. Her private wealth, however, is kept secret by the Queen. The investigation revealed that the Queen paid income tax on her revenue last year. Guardian revealed why the royals’ finances are so opaque: in the 1970s, the Queen successfully lobbied the government to change a draft law in order to conceal her “embarrassing” private portfolio.

The impact on taxpayers’ money

Following the revelation that the Queen will foot a portion of Andrew’s bill, one lawmaker has said he will Get assurance Parliament that the public purse won’t be used to cover the cost.

The royals’ use of taxpayers’ money has come under scrutiny in recent years. When it was revealed that Prince Harry and Meghan Markle had used taxpayers’ money, they were criticized. £2.4 millionIn 2018, and 2019, the couple spent $3.3 million to renovate Frogmore Cottage in U.K. The couple will be married in 2020 RepaidAfter stepping aside from royal duties, the cost.

This is what it means for Queen Elizabeth II

The Queen has addressed neither sons’ situations publicly. Surveys show public support for royal families has been high. The drop in sales has been between 70% and 60%Over the last three decades Queen Elizabeth has remained Extremely popularWith the British public

The scandals, however, will undoubtedly tarnish the image of Britain’s longest-serving monarch. A time of high inflation and increasing costs Assess taxesAnd energy bills, the royals’ costly embarrassments may prove a difficult pill for many Brits to swallow.