The world has watched Prince Andrew’s fall from grace with a mix of fascination and disbelief, but recent revelations about his finances and behavior behind palace walls have reignited questions about the disgraced royal’s judgment, privilege, and the future of his place within the monarchy. Despite being stripped of his Duke of York title just last week and facing mounting scrutiny over his financial dealings, Andrew appears unfazed—at least within the gilded confines of Royal Lodge, his longtime residence.
According to BBC, Prince Andrew was paid £60,500 in December 2019 by British businessman Adrian Gleave, a figure linked to SVS Securities, a wealth management company that collapsed amid allegations of pension mis-selling. This payment, which came just weeks after Andrew’s infamous BBC Newsnight interview that led to his withdrawal from public life, is only one thread in a tangled web of opaque financial arrangements and controversial business associates that have dogged the King’s brother since his retreat from royal duties in 2019.
Andrew’s finances have long been a source of speculation. After stepping down as a working royal due to his association with convicted sex offender Jeffrey Epstein, he ceased receiving money from the King. Yet, details of his private arrangements have surfaced sporadically, often through court cases. The latest disclosures emerged from a High Court case brought by Turkish millionaire Nebahat Isbilen, who claimed that money she paid to Andrew and his ex-wife Sarah Ferguson was misappropriated by a business adviser. The payments were funneled through Alphabet Capital Limited, a company owned by Gleave, whose own business history has raised eyebrows.
Gleave, 55, was head of business development at SVS Securities until July 2019, just days before the Financial Conduct Authority (FCA) ordered the company to stop regulated activities. SVS Securities collapsed in August 2019, leaving clients with substantial losses after their pension funds were invested in high-risk bonds and undisclosed commissions were pocketed by the firm. The FCA found that investors were also charged hefty withdrawal fees, all in an effort to boost profits. The Financial Services Compensation Scheme has since paid out more than £41 million to former SVS customers.
While Gleave was not among the three SVS directors banned and fined by the FCA, his proximity to the company’s collapse and his subsequent dealings with Prince Andrew have prompted questions about the prince’s judgment. At the time of his financial involvement with Andrew, Gleave was also running caravan and mobile home parks across Northern Ireland and England—ten of which have since gone into administration. He did not respond to requests for comment, and neither did Prince Andrew.
The nature of the payments between Andrew and Gleave remains unclear. High Court documents, as cited by BBC, reveal that Gleave’s company Alphabet Capital had “previously made, and might in the future make, substantial payments to HRH Prince Andrew the Duke of York.” Yet, neither party has explained the reason for these payments or clarified any contractual relationship. The lack of transparency has not gone unnoticed. Baroness Margaret Hodge, a former chair of the Commons public accounts committee, told BBC, “This is yet another instance where a dose of transparency would help answer legitimate questions about the origins of the money and the purpose of the payment. Without those answers any sceptical person would be worried that there might be some financial wrongdoing taking place and this would risk sullying the reputation of the Royal family.”
Alphabet Capital was also used to channel significant sums from Isbilen to both Prince Andrew and Sarah Ferguson. In February 2020, Ferguson received £50,000 from the company, and she has reportedly been paid over £200,000 for her work as a brand ambassador for a US solar energy firm. Prince Andrew was separately given £750,000 directly by Isbilen, a sum he has since repaid. Their daughter, Eugenie, also received £10,000 from Alphabet Capital, described as a gift to fund a surprise birthday party for her mother. At the time of these payments, Alphabet Capital had filed accounts claiming to be dormant, with a turnover of just £80,000—figures that were later corrected.
While the financial details are murky, Andrew’s personal conduct behind closed doors has been equally controversial. According to SheKnows, despite the loss of his Duke of York title, staff at Royal Lodge continue to address Andrew as “Your Royal Highness” and observe traditional palace protocols. “Nothing has changed inside Royal Lodge,” a staffer told the outlet. “The butler still says ‘Your Royal Highness,’ and the staff still bow. Andrew’s made it clear — palace rules don’t apply inside his walls.” The source added that Andrew insists his royal status is his birthright, not something the King can erase.
This sense of entitlement has historical roots. The Times discovered that Andrew’s lease on Royal Lodge allowed him to pay around $1.3 million upfront and over $10 million in renovations in 2003, but he has effectively lived rent-free ever since. Chancellor Rachel Reeves weighed in on October 21, 2025, telling BBC, “He shouldn’t have been associated with a convicted pedophile, and I think the new revelations in this book make for very sober reading, and I’m sure everybody will reflect on that and form their own judgment.” Reeves also suggested that Andrew’s relationship with Epstein and his privileged living arrangements warrant further investigation.
Those close to the prince describe him as living in a “royal bubble,” detached from the public’s perception of his downfall. Newsnight producer Sam McAlister, who was present during Andrew’s disastrous 2019 interview, recalled him as “very overconfident” about his ability to manage the situation. “He thought he could talk his way out of the situation because he knew how to ‘work a room,’” McAlister told SheKnows in April 2024. This overconfidence, combined with Andrew’s insistence on maintaining royal protocols at home, paints the picture of a man unwilling—or perhaps unable—to accept the reality of his diminished status.
As of October 24, 2025, neither Prince Andrew nor Adrian Gleave has responded to requests for comment regarding the payments or the nature of their business relationship. The silence, coupled with the complex web of financial transactions and the prince’s apparent resistance to relinquishing royal privilege, continues to fuel public skepticism and calls for greater transparency. For now, Andrew remains ensconced in Royal Lodge, clinging to the vestiges of a royal life that, for the rest of the world, has already faded into the past.