Royal Headache: Prince Andrew Facing Lawsuit Over MASSIVE Debt
Prince Andrew is once again in hot water. This time, the Duke of York and his ex-wife Sarah Ferguson are being sued for their massive debt.
Royal Debt
As the world tries to navigate through the new normal due to the coronavirus pandemic, Prince Andrew and his ex-wife Sarah find themselves with a different problem in their hands.
While Prince Andrew allegedly failed to cooperate with the FBI in the Epstein inquiries, new reports claim that the Duke and Duchess of York are now being sued.
Prince Andrew and his ex-wife Sarah are being sued for $6.7 million in unpaid debt for their Swiss ski chalet. It was back in 2014 when the ex-couple purchased a luxurious holiday home in Verbier.
In the legal documents filed by the anonymous individual through Etude du Ritz, a Swiss law firm, it stipulated that a portion of that amount was due to be paid on December 31. A source told The Mail that Sarah has promised that payment would be made, but it never came.
The outlet described Chalet's former owner as a "female beneficiary of a trust fund" who sold the property for 22 million Swiss francs. While Andrew and Sarah took a mortgage of 16 million, they agreed to pay the balance in cash. The Yorks made a deal with the owner to defer the payment until December 2019, to which they would pay the balance plus the interest.
Five years and four months later, the debt reportedly remains unpaid. What makes the situation awkward is the fact that the former owner of the Chalet was a former good friend of the couple.
Will the royals be able to pay for it? Since the Duke of York is no longer a working member of the royal family, it remains uncertain how he would finance himself given that he has been forced to rely on a meager pension from the Navy and an allowance from the Queen every year.
His wife, Sarah, on the other hand, has reportedly lost a number of commercial contracts. According to the news outlet, Andrew's involvement with Jeffrey Epstein has cost the couple their ability to earn money. Everything disappeared very quickly and they found themselves in great debt.
Once A Dream Home
While the Chalet Helora used to be considered as the couple's luxury home, it is now a source of their financial trouble.
Chalet Helora comes with luxurious features fit for royalty. It includes an indoor swimming pool, a sun terrace, a sauna, and a bar. The notable vacation home also comes with famous neighbors such as James Blunt and Sir Richard Branson.
The couple made the purchase specifically for their two daughters. In a report released by the Daily Mail at that time, a source revealed that neither Andrew nor Sarah have their own properties. They bought the luxury vacation home as an asset they could leave their children.
The news outlet also reported that the couple called on some financial aid from their wealthy friends, including the convicted sex offender Jeffrey Epstein. They hoped these friends could help pay off all of Sarah's huge debts.
While they may have alleviated their debt problem at that time, the couple began to live both in the ski chalet and the Royal Lodge at the Windsor Estate of the Queen.
Will Prince Andrew be able to get himself out of this one? Will Sarah be able to live the Swiss life she has always wanted? Only time will tell.
