Royal Couple's Lucrative Sub-Let Deal Draws Public Scrutiny
The Duke and Duchess of Edinburgh, Prince Edward and his wife Sophie, have ignited significant controversy following reports that they are generating up to £130,000 per year by sub-letting converted stables on their £30 million estate. The couple reside at Bagshot Park in Surrey, a property leased from the Crown Estate, where the stables in question have allegedly been rented out for commercial use.
Details of the Lucrative Arrangement
According to a rental brochure reviewed by The Mirror, the converted stables were recently advertised as office space for £10,834 per month, equating to £130,008 annually. The building, located approximately 400 metres from the main 120-room residence, currently has no tenants. It is believed the property was removed from the market around December 2025, coinciding with the Public Accounts Committee's inquiries into the financing of royal homes.
The stables are reportedly undergoing refurbishment, with plans to return them to the market this summer. Critics highlight that Prince Edward, the King's youngest brother, already benefits from a highly favourable lease agreement for Bagshot Park. He initially leased the Crown Estate home in March 1998 for £50,000 per year, which increased to £90,000 annually after he invested £1.36 million in renovations.
Peppercorn Rent and Lease Extensions
It is understood that his lease was extended in 2007 through a deal with Eclipse Nominees Limited, involving a £5 million upfront payment for a 150-year lease. Currently, he pays only a peppercorn rent, a nominal amount consistent with standard market practice for long-leasehold properties where substantial capital investment has been made.
Norman Baker, the Liberal Democrat former Home Affairs minister, expressed strong disapproval, stating, "Any money raised from those stables should only be going to one place — the Crown Estate. Crown Estate profits go directly to the Treasury, so it is the taxpayer who is losing out here."
He further elaborated to The Sun, "It provides a very stable income, and on top of paying virtually nothing for Bagshot Park they are raking in a whole lot more money from other sources. It’s an outrage they pay a peppercorn rent as it is and now Edward and Sophie are free to rake in £130,000 for a stable block as part of the deal."
Expert Commentary and Public Inquiry
Royal expert and author Margaret Holder commented, "It is a nice little earner particularly if you are already on a peppercorn rent. It isn’t Sophie and Edward’s fault because the system in place allows them to make extra money. But I hope the committee go through all of these lease deals with a fine-tooth comb and examine who is making extra-curricular money from cushy deals."
The last tenant of the stables is believed to have vacated in October 2025. A royal source clarified, "The property in question is not rented to any tenant and it is not on the market." Previous renters are thought to have included pharmaceutical firms.
Property Features and Broader Context
The East Wing Stable Block is a two-storey building spanning 6,667 square feet on the 51-acre estate near Bracknell. The rental brochure highlights excellent parking, described as "unrivalled in locality," with easy access to Bagshot and Ascot town centres and stations, and proximity to the M3 junction. Amenities include open-plan office space, meeting rooms, a kitchen area, tea points, and showers.
In December 2025, the Public Accounts Committee announced an inquiry into the Crown Estate, partly driven by the controversy surrounding Prince Andrew's former peppercorn rent deal for Royal Lodge. Unlike Prince Andrew, the Duke and Duchess of Edinburgh are full-time working royals. Profits from the Crown Estate, which manages an extensive property portfolio, are transferred to the Treasury to support public spending.
