From Wikipedia:
In August 2003, Prince Andrew, Duke of York was granted a lease agreement by the Crown Estate for 75 years. The property leased included Royal Lodge, a Gardener's Cottage, the Chapel Lodge, six Lodge Cottages, and police security accommodation in addition to 40 hectares of land. The lease agreement required Prince Andrew to carry out, at his own expense, refurbishments under-estimated at £7.5 million at September 2002 prices, excluding VAT. It also provided for a premium payment of £1 million. The National Audit Office (NAO) report into the lease agreement stated that the Crown Estate's independent advisors had advised that the refurbishment work would cost at least £5 million and that the prince should be given the option to buy out the notional annual rental payment (set at £260,000) for £2.5 million. Once the prince committed to spending £7.5 million on refurbishment, it was decided that no rental would be required as he would be treated as having effectively bought out the notional annual rental payment because he exceeded the minimum £5 million required for refurbishment. As a result, only the £1 million premium was paid to the Crown Estate.
Wikipedia's source is:
"The Crown Estate – Property Leases with the Royal Family". Report. National Audit Office (United Kingdom). 2005. Retrieved 19 April 2015.
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