Buckingham Palace Set for $450 Million Reno as Royal Family Gets 10% Funding Increase

Britain’s Crown Estate, which controls the country’s biggest and most important assets, including property owned by Queen Elizabeth, returns a portion of its annual profits to the royal family in the form of a ‘Sovereign Grant’ that’s paid via the U.K. Treasury department. The payment will be increased to 25% (from 15%) for the next 10 years, the government said, and will cost the taxpayer £369 million ($456 million).

Source: Buckingham Palace Set for $450 Million Refurbishment as Royal Family Gets 10% Funding Increase – TheStreet