MEGHAN Markle and Prince Harry are repaying the £2.4million renovation bill for Frogmore Cottage by coughing up £18,000 a month in rent, it has been reported.
When Duke and Duchess of Sussex dramatically quit The Firm earlier this year – Prince Harry offered to pay back the costs as part of the “Megxit” deal.
Their five-bedroom property was a wedding gift from the Queen and is currently empty as the couple and their son Archie have relocated to LA.
Prince Harry and Meghan have always said they want to become financially independent from the Royal Family as they stepped back as working royals.
One of the biggest issues that needed to be resolved was over how the couple would pay back the £2.4million spent renovating the Grade II-listed home.
Since last month it has been quietly arranged for the couple to start paying rent on the property, The Mail on Sunday has revealed.
Prince Harry, 35, and Meghan, 38, are reportedly paying just under £18,000 a month to keep Frogmore Cottage as their UK base – should they decide to come back.
It is understood to be a “rental-plus” agreement where they are paying more than the commercial rate so the excess is used to pay off the renovation bill.
When the couple quit the royal duties, it was made clear the Sussexes would repay the taxpayer-funded Sovereign Grant expenditure “and meet the running costs going forward”.
PAYBACK
It would take more than 11 years of payments at the current amount to cover the £2.4million – and this is without considering the interest or running cost of the property.
Frogmore had fallen into disrepair before the couple moved in.
Builders worked around the clock for about six months so they could move in before the birth of baby Archie.
It needed extensive rewiring — including a new electrical substation — and the installation of modern gas and water mains.
The public paid for the kitchen, bathrooms and even fitted wardrobes, as well as the services of a renowned interior designer.
Wooden ceiling beams and floor joists were also replaced while inefficient heating systems were updated.
Prince Charles is understood to continue to privately fund Prince Harry as he can no longer use public funds.
It is unclear if the money will continue to come from the Duchy of Cornwall’s coffers – where they get an estimated £2.3million a year from it.
The couple have only spent a few weeks at Frogmore Cottage in the past six months – and their son has spent more than half of his life outside the UK.
The Sussexes moved to California from Canada in March, following their withdrawal from frontline royal duties in Britain.
Prince Harry and Meghan are thought to be living in the £15million Beverly Hills mansion of Hollywood star Tyler Perry.
