Andrew Mountbatten-Windsor handed compensation over Royal Lodge repair bill

The Crown Estate has awarded compensation to Andrew Mountbatten-Windsor, according to a statement from the Crown Estate.

The compensation, worth £302,000 ($572,000), was awarded due to Mr Mountbatten-Windsor's decision to surrender the lease on his long-time home, Royal Lodge.

The lease, signed in 2003, required Mr Mountbatten-Windsor to spend £7.5 million renovating the property and make a one-time payment of £1 million.

The Crown Estate stated that Mr Mountbatten-Windsor was entitled to compensation for the renovation expenses if he surrendered the lease within the first 25 years.

After the compensation has been paid, Mr Mountbatten-Windsor has still given the Crown Estate £1.5 million.

A royal source told Reuters that the king had made the funds available from his private income.

The Crown Estate manages Royal Lodge, which Mr Mountbatten-Windsor was forced to move out of earlier this year.

The Crown Estate is yet to decide what the stately home will be used for.

The decision to award compensation to Mr Mountbatten-Windsor was based on the terms of the lease, which was signed in 2003.

The lease required Mr Mountbatten-Windsor to spend £7.5 million renovating the property and make a one-time payment of £1 million, but he was entitled to compensation for the renovation expenses if he surrendered the lease within the first 25 years.