How is Prince Andrew repaying his Settlement to Virginia Giuffre?

Only a few weeks ago, Prince Andrew’s attorneys issued a furious 11-page court brief refuting Virginia Giuffre’s sexual abuse charges against him. It came after a source close to the Prince stated that he would “continue to defend himself” against her claims over two years after his iconic broadcast revelation that he had no memory of ever meeting her.

So it was no surprise that when it was reported last Tuesday that a letter sent to the judge presiding over the case, Lewis Kaplan, stated that the two had struck an out-of-court settlement, there was an outpouring of publicity. Both Buckingham Palace and the Duke of York’s (quite separate) spokespeople remained silent while questions were shot from all sides: Why did the Prince settle rather than battle to vindicate his name? How much will he compensate his accuser? Can he ever return to public life? And where does this leave the monarchy in the Queen’s Platinum Jubilee year?

The settlement amount, which included a payout to Virginia as well as a “significant donation” to her victims’ rights foundation, was “not being disclosed,” according to the letter to the judge. This hasn’t stopped precise data from being reported. The Daily Telegraph was the first to report that the total amount was more than £12 million, which was then broken down to £10 million for Virginia and £2 million for her charity. Legal experts believe the deal to be worth £10 million, while other estimates place the money going to Virginia at around £7.5 million. No one of the parties involved has confirmed the numbers.

There is also great uncertainty about how the under-fire Prince will pay, which is exacerbated by the fact that royal finances are complex and frequently confusing. When Prince Andrew stepped down in 2019, he no longer received public funds for royal tasks. However, he has continued to live in a royal mansion and is assumed to be receiving taxpayer-funded police protection (at least because neither the royal household nor the Metropoltan Police will address security).

How much personal money he has and has had throughout the years has always been regarded private and so hidden, making it difficult to tell whether or not he has such sums available. Perhaps since it is one of the few things we have about his finances, the anticipated sale of a ski lodge in Verbier as a means of funding the payout has received a lot of attention. It was bought in 2014 and is thought to be valued roughly £18 million. Andrew and his ex-wife Sarah Ferguson were said to have a large mortgage on the property, so it’s uncertain how much money a sale will bring in, however it might be in the area of £5 million. Andrew also receives a yearly Royal Navy pension of around £20,000, although it goes without saying that this will not get him very far in terms of a sizable payout.

One of the most heated discussions about how the Prince would pay is if the Queen will contribute some of the funds. It is unimaginable that this would come from the annual cash she receives from the UK Treasury (known as the Sovereign Grant). This money is used for royal obligations and the upkeep of operational royal homes, and all expenditure is recorded in public accounts each year. (Aside from the fact that the royal family would never spend the money in this manner, can you image the outrage if it was revealed that public cash had been set aside for Andrew’s settlement?)

Profits from the Duchy of Lancaster are another source of income for the Queen, which she receives as a result of her status as queen. It is utilised for some official expenses as well as the care of private residences such as Balmoral and Sandringham. This revenue is commonly referred to as her personal money, but because she receives it as part of her job, it would raise eyebrows if it was used to pay off such a settlement for her son. She does, however, have completely private riches and investments about which we know almost little.

It has been reported that British politicians will raise the issue in Parliament in order to obtain assurances that no public funds have been spent, and the campaign group Republic, which is advocating for Britain to have an elected head of state, issued a statement saying that taxpayers “deserve to know where the money is coming from.”

In the middle of all the turmoil, it has been increasingly evident since the settlement announcement that Andrew has failed to reclaim any public affection with this bargain. According to a YouGov poll conducted on February 17, two days after the arrangement with Virginia was made public, 83 percent of British citizens do not believe he can return to public life. Only 8% thought he could, and the remaining 9% were unsure. He may not have confessed any blame for Virginia’s allegations, but by failing to cleanse his name totally through acquittal at trial, he has been unable to undo the harm caused by her allegations and his awful initial response to them in his now-infamous TV interview.

Virginia Giuffre has triumphed, with lawyer Lisa Bloom, who represents eight more Jeffrey Epstein victims, summarising the situation as “we commend Virginia’s incredible courage.”

However, with the lawsuit concluded before the big celebrations for the Queen’s Platinum Jubilee this summer, the monarchy may believe that this is a scenario from which the institution and other family members can finally begin to move on. Prince Andrew, on the other hand, will be plagued by this for the rest of his life. And no amount of money will ever change it.

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