Prince and Princess Michael are to pay a fair market value for their Kensington Palace apartment. Since selling Lypiatt Manor in Gloucestershire, the Michaels have remained at Kensington Palace. It was assumed that the Prince, who is a first cousin of the Queen, and his Czech-born wife, would move out of Kensington Palace and purchase a new home.
Buckingham Palace released a statement regarding the Queen's payment of £10,000 a month for the rent since 2002. The money came from her private income. She had agreed to pay the rent for up to seven years.
Starting in 2010, Prince and Princess Michael will pay £120,000 a year in rent for the five bedroom apartment. The Queen allowed the Michaels to have the apartment following their marriage. Until 2002, the couple paid a "peppercorn" rent which covered the utilities.
Here is a link to a BBC article on the subject:
http://news.bbc.co.uk/2/hi/uk_news/7655011.stm
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