Andy pockets 'Southyork' sale

Rebecca English5 April 2012
The Weekender

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The Duke of York may receive up to £10 million after the Queen agreed he could keep the proceeds from the sale of his Sunninghill Park mansion.

The 50-room house on the edge of Windsor Great Park was built as a wedding present from the monarch to her second son.

It was leased from the Crown Estate and now, with his mother's blessing, Prince Andrew is planning to buy the freehold.

This will allow him to get the best possible price for the mansion - nicknamed Southyork after its resemblance to a Dallas-style ranch house - on the open market.

A source said: 'Andrew never bothered to buy the freehold because there was no need to. After all, he lived in the house for free.

'But it is difficult to sell a leasehold home, let alone one on Crown Estate land, so he has decided to buy the freehold himself. The added bonus is that any profits resulting from the sale will go to him.'

According to estate agents, Sunninghill Park could be worth anything between £5 and £10million, although the Prince will have to set this against the cost of buying the freehold and moving to the Queen Mother's former home at Windsor, Royal Lodge.

Andrew's decision to move after ten years at Sunninghill was prompted by his grandmother's death in March.

The Queen was keen for her son to have a residence compatible with his status and it was decided that he should move into Royal Lodge.

Under the terms of the agreement, Andrew will have to buy a leasehold on the pink-washed, seven-bedroomed Gothic-style property from the Crown Estate. He must also foot the bill for a proportion of the cost of refurbishing the house, which has remained largely untouched for decades.

Andrew's purchase of the Sunninghill freehold is a canny financial move. If the Queen had sold the property then she would have been liable for capital gains tax. And if she lives another seven years, Andrew will not have to pay inheritance tax on the sale of the property.

Sunninghill has 12 bedrooms with en- suite bathrooms - including a 36ft master bedroom - an imposing marbled-floored hallway, his and hers offices, a cinema, stables, billiards room and swimming pool.

According to royal sources, the Prince's ex-wife, Sarah, who has moved into a rented property nearby, gave up any rights to the house at the time of their divorce six years ago.

Buckingham Palace dismissed the figures as 'pure speculation'. 'The Queen gave the house to the Duke and Duchess as a wedding gift but, because it is built on Crown Estate land, retained the lease,' said a spokesman.

'The Duke will now be allowed to buy the freehold of the house from the Crown Estate.

The trustees of Sunninghill Park, in conjunction with the Duke, will sell the house and the money dispersed between the refurbishment of Royal Lodge, its continued upkeep and the lease.

'The Duke will buy the freehold of Sunninghill at the going market rate. A figure for the leasehold of Royal Lodge has yet to be reached by the Crown Estate.'

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