Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, made headlines when they relocated to Frogmore Cottage in Windsor in early 2019 in anticipation of the arrival of their son, Prince Archie Harrison.
The couple’s decision to move to the cottage was preceded by extensive renovation work on the property.
Recently, officials disclosed that a deal had been struck between Buckingham Palace and the royal couple regarding the rent for Frogmore Cottage in late 2020.
In a notable turn of events, following their partnership with streaming giant Netflix in September 2020, Meghan and Harry reimbursed the £2.4 million allocated from the Sovereign Grant for the cottage’s renovation during their initial years of marriage.
Despite having already shifted their base to the United States several months earlier, the Palace confirmed that Frogmore Cottage would remain the official residence for Meghan, Harry, and Archie in the UK.
Reports had indicated that the Sussexes were expected to pay a commercial rate for their stay at Frogmore Cottage.
However, Palace officials clarified that the substantial payment made by the couple had effectively nullified their rental obligations, enhancing the property’s value in light of the renovations conducted.
A Palace spokesperson informed the Mail on Sunday that Prince Harry and Meghan Markle had contributed £2.4 million to the Sovereign Grant, covering the cottage’s refurbishment costs, thereby fulfilling their financial responsibilities associated with the property.
The financial transaction underwent scrutiny and approval by the National Audit Office and the Treasury, adhering to the customary practices of the Sovereign Grant report.
As is customary in such arrangements between landlords and tenants, specific details concerning the tenancy agreement of the Sussexes remain confidential.
Frogmore Cottage, where the royal couple resided until November 2019 before embarking on a hiatus from royal duties to Canada and subsequently opting to reside in North America, is estimated to command an annual rent ranging from £150,000 to £230,000.
With their substantial contribution towards the cottage’s renovation, Prince Harry and Meghan Markle potentially saved up to £690,000, underscoring their commitment to meeting their financial obligations.