Prince Andrew could be in ‘complete financial ruin’ after titles stripped
Prince Andrew reportedly concerned he could be in “complete financial ruin” after being stripped of his military titles and royal patronages.
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Prince Andrew fears he could be left “completely broke” after being stripped of his military titles and royal patronages amid his legal battle against Jeffrey Epstein victim Virginia Roberts Giuffre, Page Six reports.
The Duke of York is up against mounting legal costs as he fights a sex-assault lawsuit from Giuffre that he worries could leave him penniless, the Daily Mail reported.
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“Until very recently it appears the absolute enormity of this case and the consequences he faces has not hit him,” a source told the outlet.
“Now the bills are mounting up and the possibility of a settlement, or even worse a judgment against him, is being widely discussed; he fears complete financial ruin.
“There is a very real prospect of him being completely broke.”
Andrew — who has denied the allegations — has legal and PR fees that could hit $3 million ($A4.1 million), according to reports.
In addition, he may have to shell out more than $13.6 million ($A18.8 million) to settle the case brought by Giuffre.
Giuffre asserts in the Manhattan federal lawsuit she was forced to have sex with the prince three times, beginning when she was 17.
Senior royals feel Andrew has “run out of road” to fight the case, sources said.
On top of his legal troubles, Andrew is on the hook for an $8.2 million ($A 11.3 million) debt involving a French socialite, Isabelle de Rouvre, who sold a Swiss chalet to Andrew and his ex-wife, Sarah Ferguson, in 2014, the Mirror reported.
Andrew recently sold the chalet for $23 million ($A31.9 million), according to reports.
‘It’ll all go away’
“Andrew thought, indeed he was advised, that this would all go away in time, and neither has happened, leaving him facing an extraordinary uphill battle to even salvage any crumb of his reputation,” a source told the Mirror.
The queen will “not assist” her son financially, according to reports, which state Prince William and Prince Charles have been “furious” with Andrew over the scandal.
While he’s facing being on his own financially, the queen has allegedly relented on at least one aspect of Andrew’s life: paying the cost of his security, the Mirror notes.
That bill is believed to be more than $410,000 ($A569,000) a year, the outlet reported.
This article originally appeared in Page Six and was reproduced with permission.
Originally published as Prince Andrew could be in ‘complete financial ruin’ after titles stripped
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