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. There is no provision for any further rent review over the life of the 75-year lease agreement (unlike the rent reviews provided in the case of Bagshot Park, residence of Prince Edward, Earl of Wessex, also leased from the Crown Estate). The lease agreement provides that the prince may not benefit financially from any increase in the value of the property as the freehold belongs to the Crown Estate. The leasehold may be assigned only to his widow or his two daughters, Princess Beatrice of York and Princess Eugenie of York (or a trust established solely for their benefit). If the prince terminates the lease, the property reverts to the Crown Estate. He would be entitled to compensation for the refurbishment costs incurred up to a maximum of just under £7 million, which is reduced annually over the first 25 years, after which no compensation is payable. The NAO report states that having already taken advice from one independent advisor on the transaction, the Crown Estate appointed a second firm of independent advisors to assess the details of the lease deal, given its importance. The second independent advisor concluded that the deal was appropriate having regard to the need to maintain management control over Royal Lodge and because of the security implications (particularly concerning the Royal Family's access to the Royal Chapel). In the circumstances, the Crown Estate considered that the requirement to obtain value for money was satisfied, taking into account the non-financial considerations relating to the lease of the property. The alternative use, to lease it on the commercial market, was not possible. Following the renovations, Prince Andrew with his two daughters moved into the house in 2004, having vacated Sunninghill Park. In 2008, his former wife Sarah, Duchess of York moved into Royal Lodge, again sharing a house with the Duke of York. It has been reported that the open market value of the property would be at least £30 million, as of January 2022. After the Duke of York stepped down from public