Yesterday Prince Andrew agreed to pay his accuser Virginia Guiffre a substantial sum. But how will Andrew pay for the settlement? It is believed that the Queen—his mother—may help fund part of it.
The official sum of the settlement has not been disclosed, but it is believed that it amounts to over £12 million. Prince Andrew will likely need help paying this substantial sum as his assets do not cover the cost. Indeed Andrew receives an annual stipend of £250,000 from the Queen. He will also use his military pension to help pay as well as sell his only known asset, the Verbier ski chalet.
Prince Andrew bought the chalet with his ex-wife in 2014 as a ‘family investment’. The pair had put the chalet up for sale when the previous owner, Isabelle de Rouvre, sued them as they allegedly owed the French socialite £6.7 million from the £16.6 million sale.
According to the Telegraph, the Queen will likely contribute to the settlement which will come from her private Duchy of Lancaster, which has increased by £1.5 million, giving it a total value of over £23 million.
Many members of the public see Prince Andrew’s agreement to settle as an admission of guilt. However, he has not denied or admitted to anything.
David Boies, Virginia Giuffre’s lawyer has insisted that the case was not about the money. Indeed he stated that his client wanted to ‘vindicate herself and the other victims’ as well as send out a message that no one could ‘escape responsibility just because of their wealth and power’.
In 2015 Virginia Giuffre launched the Victims Refuse Silence foundation in 2015, which was recently rebranded and relaunched as Speak Out, Act, Reclaim (Soar). Prince Andrew has also agreed to donate a substantial amount of money to this charity.