The couple paid £2.4mil to refurbish the property - and this was taken as 'rent in lieu' - well below the market rate
Prince Harry and Meghan Markle have reportedly saved £690,000 thanks to a deal that meant they didn't have to pay any rent on Frogmore Cottage. The deal was apparently established when the couple paid £2.4million to refurbish the property.
The Mirror reported that earlier this month, Harry and Meghan had been asked to leave Frogmore Cottage - and they won't renew their lease when it expires later this month. The deal with Buckingham Palace considered the increase to the value of the property following the work done should be taken as “rent in lieu”, the Mail on Sunday reports.
“In line with usual practice for the Sovereign Grant report, the accounting treatment was scrutinised and signed off by the National Audit Office and the Treasury. As with any such agreement between landlord and tenant, further details regarding the Sussexes' tenancy arrangements would be a private matter.”
The Sussexes made Frogmore Cottage their home back in 2019 as they moved in after extensive renovation work which converted the building from multiple residencies into a large family home.
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