Overview
- The National Audit Office published a report in early June that found Princess Beatrice and Princess Eugenie were charged below‑market rents for Royal Household properties because adjusted rates used outdated open‑market valuations.
- The NAO said discounts were partly justified by tenancy requirements that demand tenants hold specific security clearance, which reduces comparable market rates for those homes.
- The report states the subsidy previously came from Queen Elizabeth and is now effectively borne by King Charles, though it does not document immediate requests for repayment or formal policy changes.
- Princess Beatrice's recent public outings — a private birthday party near Rome and an Alice + Olivia event in London — have been highlighted by media as fresh public optics after the audit.
- The NAO review was launched after earlier scrutiny of royal lease deals and underscores broader questions about transparency in how royal residences are valued and charged when security and tenancy rules limit market comparisons.