Prince Andrew Net Worth: Duke to sell $23M Swiss chalet as Queen won't foot legal bills
Prince Andrew is reportedly trying to speed up the sale of his $23 million Swiss ski chalet to cover his legal expenses as he faces sexual abuse allegations made by Virginia Roberts Giuffre.
The Duke of York, 61, is attempting to sell the lavish property because his mother, Queen Elizabeth II, will not foot his legal bills, according to The Mirror. The prince purchased the seven-bedroom Chalet Helora in the Swiss resort of Verbier with his ex-wife Sarah Ferguson in 2014 for $22.48 million. It later emerged that he was selling the luxurious property. It is rumored that the Duke is in need of funds to pay his lawyers as he battles claims made by Roberts, who was once trafficked by pedophile financier Jeffrey Epstein. Andrew has vehemently denied allegations that he had sex with Roberts at least three times.
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Judge Lewis Kaplan is expected to reveal on Friday, January 7, whether Andrew will face a full civil trial in New York after having argued that Roberts's case should not go to trial owing to a 2009 civil settlement she signed with Epstein. However, if the case does go to trial and the prince loses, the alleged victim Roberts could win a settlement close to $4million. This week, it emerged that Andrew could settle out of court to avoid the case going to trial. "It is crunch time for Andrew on several fronts," one source told The Mirror of the alleged sale of his chalet. "He is meeting all the costs himself so he needs to raise cash fast to pay bills which are increasing by the day. If there was the potential to settle, well, that is an option, but it is in no doubt that the Queen would not assist him in doing so."
According to the newspaper, the Queen will not assist Andrew in paying for any future financial settlement that may go towards Roberts. Andrew and the Duchess of York were reportedly close to selling his chalet in September last year to settle a legal dispute with its former owner, 74-year-old Isabella de Rouvre.
Prince Andrew Net Worth
The prince's apparent financial troubles come as a surprise considering he has a net worth of $45 million, according to CelebrityNetWorth. Born on February 19, 1960, at Buckingham Palace, London, Andrew Albert Christian Edward is the second son and third child of Queen Elizabeth II and Prince Philip, Duke of Edinburgh. He is currently eighth in line to succeed his mother, whereas at the time of his birth he was second in line.
According to the outlet, the next in line to the throne in the British monarchy is entitled to a valuable real estate portfolio called The Duchy of Cornwall Trust. It is controlled by Andrew's brother, Prince Charles, and reportedly generates around $20 million in income every year. On paper, Andrew is supported by a tax-exempt $322,000 annual allowance from his mother.
That said, despite not controlling a valuable royal trust like his brother, Andrew managed to build an enviable real estate portfolio that includes the aforementioned luxury lodge in Switzerland. Meanwhile, his primary residence is a $10 million mansion in the English countryside. In 1986, Andrew was given a large country estate called Sunninghill House as a wedding gift. However, he put the house up for sale in 2002 but could not find a buyer for more than five years. In 2007, the property was sold for $20 million, several million dollars more than the listed price, through an overseas trust.