Prince Andrew, Duke of York Current Events 7: February 2015

[sndral]

Sarah has a lifetime of spending more money than she has and of not paying her debts. However, this is the first I’ve read of Andrew doing so. It is suspicious to me that Andrew’s ‘liquidity’ dried up following his being cut out of performing royal duties.
When they bought the property the reported plan was to rent it out to pay the mortgage, if that had been a sound business plan, then there should not have been a shortfall last December (before the economic fallout from the pandemic started,) unless they were unable to rent it for enough money to pay the debt (unsound business plan) or they diverted the rental income to pay other debt/expenses. Even if you intend to sell a mortgaged property you have an obligation to continue paying the mortgage until you sell it - or risk foreclosure.
Upthread someone mentioned the Queen or Charles helping Andrew out financially, the Queen doing so wouldn’t surprise me, but I don’t think Charles has an obligation to bail out Andrew in speculative financial matters involving Andrew’s spendthrift ex-wife.

[tommy100]

I have to say I don't quite get the deal with the Chalet - its not 100% theirs but also not mortgaged in the usual sense? Nothing ever seems straight forward with these two.

Andrew and Sarah don't seem particularly good with money I have to say. I think both want to live the lifestyle they think "royals" should have but without the money behind it. Neither Anne or Edward seem to be buying multimillion pound holiday homes in luxury resorts and I don't believe Andrew has much more money than them at all. TBH I've always believed the Queen's children - bar Charles - would all be treated financially the same so why would Andrew have significantly more. Sunninghill was not owned by Andrew but a trust in Beatrice and Eugenie's name so I don't think it was as easy as him just putting the money in his bank after the sale. Out of Andrew, Anne and Edward the only one I would expect to have more possibly is Anne as she may have been provided for by her grandfather while her younger siblings wouldn't have been.

[Claire]

Originally Posted by Iluvbertie

What this does highlight is the lies the media have been peddling for years about the net worth of the Queen's younger children i.e. that Andrew was worth around 70 million pounds. If he was then this wouldn't be a problem at all. As late as November last year many outlets were reporting that Andrew was worth well over 50 million and yet a month later he couldn't pay 5 million. There were even calls to investigate where that 50 million came from but that went nowhere - obviously because there wasn't 50 million anywhere.

I personally don't believe those guestimates. I have no idea how they are calculated. However it might be a case of stock or land rich and cash poor. They might not have had the cash on hand. Money might be in trusts, bonds, stock options - in offshore accounts. :) But really it might just be I will not pay you until the dispute - which is actually between the Chalet owner and another person - is settled. Which sounds like good financial advise.

[sndral]

Here’s the DM’s version https://www.dailymail.co.uk/news/art...paid-debt.html
My initial assumption that they’d defaulted on the primary mortgage appears to be incorrect.
It appears that the Yorks purchased the chalet in a ‘no money down’ type arrangement. They secured a mortgage from a bank for part of the price and they secured private financing for the remainder of the price. It’s not clear whether they put any of their own money down, but I suspect not since their private financing was with the seller of the chalet. The Yorks were unable to pay the amount they’d promised to pay for the down payment loan when it came due, the person they failed to pay - the former owner of the chalet - has now filed suit.

[Curryong]

Prince Andrew has been forced to repay a large sum paid to his PS Amanda Thirsk from his charity's funds after intervention from the charity regulator. (This story in also in The Financial Times behind a pay wall. The tabloids haven't reported on it yet. )

https://flipboard.com/topic/royalfam...4ff38%2Fft.com

[sndral]

Originally Posted by Curryong

Prince Andrew has been forced to repay a large sum paid to his PS Amanda Thirsk from his charity's funds after intervention from the charity regulator. (This story in also in The Financial Times behind a pay wall. The tabloids haven't reported on it yet. )

https://flipboard.com/topic/royalfam...4ff38%2Fft.com

£350,000+ paid to her over a period of 5 years repaid by Andrew’s household.

[tommy100]

Sounds as f they were trying to boost her pay by also paying her form charity funds? She probably had some sot of Trustee role they thought they could justify paying her but rules around that are very strict.

Have to say the Yorks really aren't any good with money are they

[rominet09]

The more we read about him the more I can't understand. Did he really think all these things would go unnoticed forever ?

[Osipi]

I do think that, sometimes, when people have an overblown sense of entitlement and self importance, they tend to believe that nothing can touch them. Until they do. I can't say if this is Andrew as I don't know the man but I've seen it happen to other people that thought they were "untouchable"and wouldn't be held to account for their own actions and misdeeds.

[Durham]

Originally Posted by Curryong

Prince Andrew has been forced to repay a large sum paid to his PS Amanda Thirsk from his charity's funds after intervention from the charity regulator. (This story in also in The Financial Times behind a pay wall. The tabloids haven't reported on it yet. )

https://flipboard.com/topic/royalfam...4ff38%2Fft.com

It was in yesterday's Daily Mail.



That's hubris of course. Where does one start with this individual.

So much reputational damage. Not just to him but to the institution he was supposed to be serving.

[HereditaryPrincess]

Andrew just seems to be one of those people who doesn't learn from his mistakes and continues to screw up...!

[KellyAtLast]

Originally Posted by Iluvbertie

He would have known that this was due and thus should have made arrangements to have it.

It isn't as this was an unexpected expense in which case the idea of money in investments and trusts can be an excuse but not when a payment will be known about for years in advance (he bought this property about a decade ago and so would have known when payments were due).

He probably thought that dear Mummy would pay for it all. But he doesn't realize or can't accept that Mummy can't keep funding him she has other expenses more important expenses.

[Denville]

Originally Posted by KellyAtLast

He probably thought that dear Mummy would pay for it all. But he doesn't realize or can't accept that Mummy can't keep funding him she has other expenses more important expenses.

The queen will bail him out, but she's not so keen on bailing Fergie out...

[MsJulie]

Prince Andrew needs to get his finances in line. Fergie needs to be put on a short leash. Prince Charles will not be bailing them out like the Queen has or may. IMO if the Queen leaves PA any monies it needs to be given out yearly or it will be all gone in a short time.

[KellyAtLast]

Originally Posted by Denville

The queen will bail him out, but she's not so keen on bailing Fergie out...

I hope she doesn't bail him out. He's an adult now. She needs to let Andrew take this and if he falls on his face let him fall so he learns to get back up.

[KellyAtLast]

Originally Posted by MsJulie

Prince Andrew needs to get his finances in line. Fergie needs to be put on a short leash. Prince Charles will not be bailing them out like the Queen has or may. IMO if the Queen leaves PA any monies it needs to be given out yearly or it will be all gone in a short time.

He needs to take a course in accounting. Do these people even know how to count their own money. My goodness.

[Osipi]

Originally Posted by KellyAtLast

I hope she doesn't bail him out. He's an adult now. She needs to let Andrew take this and if he falls on his face let him fall so he learns to get back up.

Actually, if the Queen does decide to let him take responsibility for his own affairs, to me, its the best possible thing that she could do. Its called tough love. A child doesn't learn a lesson if the parent does the homework.

[Missjersey]

Originally Posted by Osipi

Actually, if the Queen does decide to let him take responsibility for his own affairs, to me, its the best possible thing that she could do. Its called tough love. A child doesn't learn a lesson if the parent does the homework.

Quoting looks so much better than just saying DITTO lol

[Denville]

Originally Posted by KellyAtLast

I hope she doesn't bail him out. He's an adult now. She needs to let Andrew take this and if he falls on his face let him fall so he learns to get back up.

I think its a bit late for Andrew, and esp for Fergie to learn to take financial resposniblity.. and the queen will continue to bail him out...

[Missjersey]

Originally Posted by Denville

I think its a bit late for Andrew, and esp for Fergie to learn to take financial resposniblity.. and the queen will continue to bail him out...

Sadly, I agree with you Denville.