The royal family certainly has had their fair share of drama, and every bit of it has been covered by the tabloids. One year ago, a magazine alleged Queen Elizabeth was at risk of going bankrupt. Today, Gossip Cop is looking back to review the narrative and see the queen’s current financial status.
Is Castle Maintenance Causing Queen Elizabeth To Go Bankrupt?
Last year, the Globe alleged Queen Elizabeth was on the verge of bankruptcy because of the hefty cost of maintaining her palaces. According to the report, there was a very high chance Queen Elizabeth “could wind up in the poor house.” Even though the queen was “living rent-free in Buckingham Palace,” the tabloid noted her castles demand “a king’s ransom to run.”
Further into the article, the magazine points out the massive cost the queen pays to manage the various castles. Apparently, Buckingham Palace was “undergoing a ten-year renovation costing a bankrupting $47.7 million a year” at the time. However, the other castles also cost Queen Elizabeth a fortune, like Balmoral, which demanded “$4 million a year to upkeep.” Based on all this so-called evidence, the tabloid felt confident confirming “the queen is house poor.”
Is Queen Elizabeth Running Out Of Money?
So was any of this Globe story true? Was Queen Elizabeth struggling financially? Of course not. Gossip Cop debunked the article when it first came out, and we’re sticking with our conclusion. First off, most of the renovation costs the tabloid listed were funded by the British taxpayers. The magazine notes this yet still tried to claim the queen was going bankrupt, which doesn’t make any sense at all.
Based on current events, it’s also pretty obvious Queen Elizabeth isn’t strapped for cash. If the queen and the royal family were broke, then Buckingham Palace wouldn’t currently be hiring for a number of ritzy positions. According to a job listing on the Royal Household’s recruitment page, the queen is looking for an experienced “Demi Chef de Partie” to create “diverse menus for a wide range of events.” If the queen was really on the verge of financial ruin, there’s no way she’d be looking for new hires for future events.
The Royal Family’s Financial Struggles
For some reason, the tabloids love pitching narratives about the royal family’s financial status. While almost every one of these stories is false, that doesn’t stop the media from continuously churning them out. For example, a report in 2020 claimed Meghan Markle and Prince Harry were responsible for a $35 million loss the royal family experienced. The story was false and simply another way to drag the Duke and Duchess of Sussex through the mud despite the rumor having no basis in reality or accounting.