Prince Andrew has taken yet another step back from the royal family.
Andrew, the brother of King Charles III, has been at the center of controversy for some time now amid his connections to the late Jeffrey Epstein.
Epstein pleaded guilty in 2008 to state charges of solicitation of prostitution and of solicitation of prostitution with a minor under the age of 18, landing him with an 18-month jail sentence. But his legal woes didn't stop there, and dozens of Epstein's alleged victims came forward after his incarceration.
Fast forward to 2019, and he was arrested again and was charged with one count of sex trafficking of minors and one count of conspiracy to commit sex trafficking of minors.
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As to how Prince Andrew got mixed up in Epstein's crimes, Virginia Giuffre alleged that she was trafficked by Epstein at the age of 17 and was made to have sex with Queen Elizabeth's son in 2001 — something Prince Andrew has always denied.
Sadly, Giuffre died by suicide at the age of 41 in April 2025.
Such allegations surfaced in 2015 in court documents relating to Epstein, and the former Duke of York ended up paying Giuffre a settlement in 2022 after she filed a civil suit against him.
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Two years prior to the settlement and Prince Andrew was forced to suspend all his royal duties.
Now, ahead of the release of Giuffre's posthumous memoir hitting shelves tomorrow, and Andrew announced that he will no longer use his Duke of York title or any honors bestowed upon him. With this in mind, questions have been raised about how this will impact his income and lifestyle.
Well, since stepping down from his royal duties five years ago, Prince Andrew is no longer eligible to receive funding from the Sovereign Grant.
Despite this, it's been suggested that the 65-year-old is still worth around $5 million, says Metro Online.
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As to how he's accumulated such funds, it's thought to be from his own personal business investments. For example he sold his Sunninghill Park home in 2007 for £15 million.
In addition to his own funds, Andrew will have received money from Queen Elizabeth's Privy Purse. Previous reports have suggested he was given as much as £250,000 a year.
However, King Charles allegedly stopped Andrew receiving such grants last year.
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Despite this, Andrew's Royal Lodge residence, a Grade II listed, 30-room Windsor home, is not in jeopardy as his occupancy is protected by a long-term lease with the Crown Estate lasting until 2078.
Topics: Prince Andrew, Royal Family, Jeffrey Epstein, Virginia Giuffre, News, UK News, Money
Niamh Shackleton