Who’s paying Prince Andrew’s $16 million settlement?
Queen Elizabeth II will reportedly contribute £2 million ($2.7 million) to Prince Andrew’s settlement with Virginia Giuffre in a civil sexual assault case. Although the size of the settlement agreed Feb 15 was not disclosed, it is reportedly 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 honours” deal in which a Saudi citizen was offered a knighthood in exchange for donations.
The scandals have prompted fresh scrutiny of the royal family and its finances as the Queen marks her historic 70-year anniversary on the throne this year. They also come as Britons experience the biggest cost of living crisis in decades.
In 2009, Giuffre alleged she had been groomed by the late sex offender Jeffrey Epstein and his then-girlfriend, British socialite Ghislaine Maxwell when she was a teenager. She claims the pair abused her and forced her into sex with powerful men, including the Queen’s second son, Andrew.
Last year, Giuffre began civil proceedings against Andrew under New York’s Child Victims Act. 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 US Virgin Islands. Andrew denied all allegations against him.
On Feb 15, lawyers for both parties revealed a 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 some of the money going to Giuffre directly and the rest to her victim support charity.
In a 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.”
According to The Daily Telegraph, the Prince also agreed not to repeat his claim that he did not sexually assault Giuffre.
Andrew agreed to step back from royal duties.
As a “working royal,” he would have received around £250,000 ($340,000) a year. 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.
Andrew’s penchant for luxury living - which earned him the nickname “Air Miles Andy” - has led him to far exceed his income.
The Queen has addressed neither sons’ situations publicly. While surveys show that public support for the royal family has fallen from around 70% to 60%, Queen Elizabeth remains extremely popular with the British public. The scandals will no doubt muddy the reputation of the longest serving British monarch. At a time of soaring inflation, and rising taxes and energy bills, the royals’ costly embarrassments may prove a difficult pill for many Brits to swallow.