Where does the Royal Family get its money from? Fri, June 5, 2026 at 10:47 AM UTC 55 King Charles in the foreground of the image looks away to the left of the frame, whilst his younger brother Andrew Mountbatten Windsor is seen behind him, slightly out of focus. The first report into royal residences for 20 years has revealed that Andrew MountbattenWindsor received rental income from subletting three cottages on the Royal Lodge estate.

Where does the Royal Family get its money from?

Fri, June 5, 2026 at 10:47 AM UTC

King Charles in the foreground of the image looks away to the left of the frame, whilst his younger brother Andrew Mountbatten Windsor is seen behind him, slightly out of focus.

The first report into royal residences for 20 years has revealed that Andrew Mountbatten-Windsor received rental income from sub-letting three cottages on the Royal Lodge estate.

The report, by public spending watchdog the National Audit Office (NAO), also said that the King pays the rent for accommodation in royal palaces for Mountbatten-Windsor's daughters Princesses Eugenie and Beatrice.

The Royal Family receives tens of millions of pounds each year from the Sovereign Grant and uses it to cover the cost of official duties, but this is not the only source of their income.

Andrew was sub-letting Royal Lodge cottages, watchdog reveals

How much public money does the Royal Family get?

The Sovereign Grant provides public funding for the running costs of the monarchy.

This includes core staff costs, running expenses of the King's official household including receptions, maintenance of palaces in England and travel costs for royal engagements.

For 2026-27, the Sovereign Grant stands at a record £137.9m, in the second year of a two-year hike to pay for building work at Buckingham Palace.In 2025-26, it stood at £132.1m and in 2024-25 it was £86.3m.

The grant has more than tripled in real terms since it was introduced, at £31m a year, in 2012. It brought together public funding into a single payment, replacing a mix of grants from a range of government departments.

However, the funds could soon be reduced for the first time.

"The government is committed to bringing forward legislation to reset the grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed," Financial Secretary to the Treasury Lord Livermore told the House of Lords in March.

The Treasury has said the forthcoming legislation would allow for a cut to the grant for 2027-28, but only as a one-off measure. It is not known how much the reduction would be.

Separately, the Royal Household's annual financial statement said additional income increased to £21.5m in 2024-25, following a record number of visitors to Buckingham Palace.

How is the Sovereign Grant worked out?

Profits of the Crown Estate - a property business owned by the monarch but run independently - go to the Treasury.

The level of profit is used to calculate the funding given by the government to the Royal Family.

The Crown Estate had assets worth £15bn in 2024-25, with billions of pounds worth of properties in London, including Regent Street, as well as nearly half the land along the coast of England, Wales and Northern Ireland.

The estate is not the King's private property but belongs to the monarch for the duration of their reign. The King cannot sell its assets or keep any profits for himself.

The Sovereign Grant was initially worth 15% of the Crown Estate profits generated two years previously. That increased to 25% in 2017-18, to help pay for the Buckingham Palace repairs, before reducing to 12% since 2024-25.

However, soaring profits from the Crown Estate have still led to large increases in the Sovereign Grant, including a £45m increase in 2025-26.

Under the Sovereign Grant Act 2011, if the Crown Estate's profits fall, the monarch still currently receives the same amount as the previous year, with the government making up the difference.

What is the Sovereign Grant spent on?

The King and other working members of the Royal Family use the money to pay for expenses related to their official duties.

The vast majority is spent on the upkeep of properties and staffing, but it also covers costs such as travel to royal engagements.

Members of the Royal Family carry out about 2,000 official UK and overseas engagements each year.

Buckingham Palace says that about 70,000 people are entertained at dinners, lunches, receptions and garden parties at the Royal residences.

What does King Charles do and who else is in the Royal Family?

Why did Harry and Meghan leave the Royal Family?

How else does the Royal Family receive money?

The King also receives money from a private estate called the Duchy of Lancaster, which is passed down from monarch to monarch. This income is known as the Privy Purse.

The Duchy of Lancaster covers over 18,000 hectares of land in areas such as Lancashire and Yorkshire, as well as property in central London.

Whoever holds the title of Duke of Cornwall (currently the Prince of Wales) benefits from the Duchy of Cornwall.

It mainly covers land in south-west England. In the year to the end of March 2025 it had assets worth £1.1bn and had made annual profits of £22.9m.

The King and Prince William receive the profits from the duchies personally, and can spend them as they wish. However, they are not entitled to any proceeds from the sale of any estate assets, which must be reinvested.

Andrew Mountbatten-Windsor moved to a property on the Sandringham estate in Norfolk

The monarch also owns the royal palaces (which are not part of the Crown Estate) and part of the Royal Collection of art, but these do not generate income.

Some palaces are looked after and funded by the Royal Family itself. Others - such as the Tower of London - are managed by Historic Royal Palaces, an independent charity.

The King also privately owns properties such as Balmoral and Sandringham. The King's brother, Andrew Mountbatten-Windsor, moved to Sandringham, in Norfolk, earlier in 2026.

In addition, some Royal Family members have private art, jewellery and stamp collections which they can sell or use to generate income as they wish.

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Do members of the Royal Family pay tax?

In 1992, Elizabeth II volunteered to pay income tax and capital gains tax on her personal income, and the King does the same.

The two duchies are exempt from corporation tax, but the King and Prince William voluntarily pay income tax on the revenue they generate. However, the amount of tax they pay is not made public.

They do not pay capital gains tax because they do not benefit personally from any increase in the duchies' assets.

Members of the Royal Family pay tax on any income generated from privately-owned assets.

King Charles does not have to pay inheritance tax on the money he received when the late queen died, under the "sovereign to sovereign" exemption agreed in 1993 by then Prime Minister John Major.

King Charles, on the left wearing a red uniform with medals attached, faces Queen Camilla, wearing a light blue jacket and a beige hat. She is also looking at himWhat about security and other costs?

The Sovereign Grant does not cover the Royal Family's security arrangements, which are usually paid for by the Metropolitan Police, although the cost is not disclosed.

Some major events are also not included. The late queen's funeral in 2022 cost the government an estimated £162m.

The Coronation of the King cost taxpayers £72m, including £22m for policing.

Republic, a group campaigning for an elected head of state, has argued that factors such as security need to be included in the cost of the Royal Family.

The group claims that the total cost of the monarchy is about £510m a year.

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Avoid Zillow: This Infrastructure Redirect Is a “NoBrainer” Buy as the Housing Market Stalls Alex SiroisSat, June 6, 2026 at 12:22 AM UTC 0 ewg3D / E+ via Getty Images Every headline this week wants you to buy Zillow Group (NASDAQ:Z) on the back of an earnings beat and a fresh AIplatform pitch from CEO Jeremy Wacksman. But here is what you should actually be watching. Zillow is a leveraged bet on a housing market that the company itself, in its own forward guidance, describes as "planning for the macro housing environment to continue to bounce along the bottom of the cycle".

Avoid Zillow: This Infrastructure Redirect Is a “No-Brainer” Buy as the Housing Market Stalls

Alex SiroisSat, June 6, 2026 at 12:22 AM UTC

ewg3D / E+ via Getty Images

Every headline this week wants you to buy Zillow Group (NASDAQ:Z) on the back of an earnings beat and a fresh AI-platform pitch from CEO Jeremy Wacksman. But here is what you should actually be watching.

Zillow is a leveraged bet on a housing market that the company itself, in its own forward guidance, describes as "planning for the macro housing environment to continue to bounce along the bottom of the cycle". That setup reads as a value trap dressed in an AI costume, not a retirement-portfolio anchor.

The Z Beat Is Hiding Real Damage

Yes, Q1 EPS of $0.53 topped the $0.46 estimate, and revenue of $708 million grew 18.39%. Look under the hood. Traffic to Zillow apps and sites declined 3% year over year to 220 million average monthly users. Gross margin compressed 350 basis points. Incremental legal spend on the FTC trial expected in the first half of 2026 is dragging Adjusted EBITDA margins by 160 basis points. Industry purchase mortgage origination volume is down approximately 1% year over year.

The market has already cast a vote. Shares trade at $35, down 48.7% year to date and 47.34% over the last year, with a trailing P/E of 140. Paying that multiple for a transaction-dependent platform staring at elevated mortgage rates, historically low existing-home inventory, and a housing market that remains thoroughly locked up qualifies as wishful thinking.

The Quiet Beneficiary: Caterpillar

A more durable alternative sits with Caterpillar (NYSE:CAT), the unsexy infrastructure giant that just printed $17.415 billion in Q1 revenue, up 22.2%, with EPS of $5.54 against a $4.6439 estimate. Three reasons stand out.

1. Caterpillar is an AI data center play. The Power Generation product line, large reciprocating engines and turbines feeding hyperscaler buildouts, hit $2.817 billion in Q1, up 41% year over year. Jim Cramer put it bluntly in April: "CAT represents infrastructure money, construction money and data center money." Picks and shovels for the AI capex cycle, without the 60x semiconductor multiples.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Caterpillar didn't make the cut. Grab the names FREE today.

2. A record backlog the housing cycle cannot touch. Construction Industries revenue rose 38% to $7.161 billion with segment margin expanding 1.6 points to 21.4%. North America revenue jumped 32%. CEO Joe Creed said "A record backlog provides a strong foundation for continued positive momentum." That backlog is fed by long-term legislative funding bills like the Infrastructure Investment and Jobs Act and global reshoring trends, sources insulated from 30-year mortgage rates.

3. A cash machine returning real money. In Q1 alone, Caterpillar deployed $5.028 billion on share repurchases and roughly $0.7 billion on dividends. Operating cash flow rose 45.1% to $1.870 billion. The stock is up 53.55% year to date and 151.68% over the past year, yet the forward earnings multiple sits at 38x with an analyst target of $920.14.

The tariff line is real. Q1 Resource Industries segment profit fell 39% on 7 points of margin compression from tariff-driven manufacturing costs. Caterpillar beat through it anyway. Zillow has no such cushion.

The retirement-focused investor does not need another lottery ticket on a housing rebound that management is openly disavowing. For investors weighing the two, the yellow machines powering data centers, highways, and reshored factories look better positioned than the headline-chasing Zillow narrative.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Caterpillar didn't make the cut. Grab the names FREE today.

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Reporter Spent Years Tracking Down the Man Behind a Deepfake Porn Website, then Recruited Paris Hilton to Help Expose Him (Exclusive) Janelle GriffithFri, June 5, 2026 at 10:10 PM UTC 0 Paris Hilton and Laurie SegallCredit: Courtesy of Mostly Human Journalist Laurie Segall spent three years investigating the person behind Mr.

Reporter Spent Years Tracking Down the Man Behind a Deepfake Porn Website, then Recruited Paris Hilton to Help Expose Him (Exclusive)

Janelle GriffithFri, June 5, 2026 at 10:10 PM UTC

Paris Hilton and Laurie SegallCredit: Courtesy of Mostly Human -

Journalist Laurie Segall spent three years investigating the person behind Mr. Deepfakes, a site that allowed users to upload and view AI-generated deepfake pornography

The investigation led Segall to confront the site's owner in Markham, Ontario, and helped contribute to the site's shutdown in 2025

Her hunt is the subject of a new 14-part docuseries Searching for Mr. Deepfakes,streaming exclusively on Paris Hilton's TikTok account in collaboration with Segall's Mostly Human Media

In 2022, technology journalist Laurie Segall came across a website so disturbing that it spurred her to launch an investigation into the person behind it.

The site, Mr. Deepfakes, allowed users to upload and view AI-generated deepfake pornography. The site hosted hundreds of thousands of sexually explicit, digitally altered images featuring celebrities and every day people and, at its peak, drew 17 million monthly visitors, according to Segall.

"It's the story of innovation without guardrails, where women and girls are some of the first to be impacted negatively," Segall tells PEOPLE. "So I decided that we needed to track the guy behind the anonymous site, and that took quite a bit of investigating."

Segall, who previously worked at 60 Minutes and CNN, assembled a team that included journalists, cybersecurity experts and other specialists. Together, they spent three years investigating the site, a pursuit that ultimately led Segall to confront its owner in Markham, Ontario, face to face, and helped contribute to its shutdown.

The investigation is the subject of a new 14-part docuseries Searching for Mr. Deepfakes,streaming exclusively on Paris Hilton's TikTok account in collaboration with Segall's Mostly Human Media. Since its release a week ago, the campaign has garnered 26 million video views across Hilton and Mostly Human Media's social channels.

Hilton has her own experience with online exploitation. At age 19, an ex-boyfriend shared a private video of the two having sex, which was later distributed online and from which she says she never profited.

"People assume that because these images are fake, the impact somehow isn't real, but it is," Hilton tells PEOPLE. "Knowing strangers are creating and sharing content designed to humiliate or exploit you is something no one should have to experience."

In January, Hilton traveled to Capitol Hill to advocate for a bipartisan bill, the DEFIANCE Act, legislation that would allow victims of deepfake exploitation to take legal action against those who create and distribute such content. Segall watched as Hilton spoke at a news conference alongside Reps. Alexandria Ocasio-Cortez, a New York Democrat, and Laurel Lee, a Florida Republican, who co-sponsored the bill.

"I said to my husband, 'I've got to team up with Paris Hilton on this, she gets it, and she's speaking out,' " Segall recalls. "It's not just about her lending us a platform, her story is important as a part of this."

Hilton appears in the series and discusses being a victim of deepfake abuse. "I hope people walk away understanding the real human impact behind these images and the harm this causes victims every single day," Hilton says. "One in eight girls know someone impacted by deepfake pornography, and this can happen to anyone."

The Simple Life star says there are more than 100,000 deepfake images of her online. "I'm fortunate to have a team helping report and remove them, but the process is incredibly time-consuming because you have to go platform by platform," she tells PEOPLE. "Thankfully, the Take It Down Act is now law, which means platforms are required to remove this content quickly and face consequences if they don't."

Adds Segall: "Back in the day, it was one video and now it's 100,000 sexually explicit images. And now, you don't even have to take a photo of yourself or a video. Now you just have to exist."

— sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

During the reporting process, Segall and her team pieced together a portrait of Mr. Deepfakes by tracking down his online and offline portrait. They also used AI facial recognition software to uncover his identity.

"We were able to plug it in and see a name from a wedding card, see him at a music festival, figure out his orbit, and it kept taking us further and further," Segall says.

They eventually learned he is a father and worked as a pharmacist. "We ended up calling a local baby store and that is how we ended up getting his home address, because he had a baby registry," she says. By calling various pharmacies they were able to hone in on where he was working. Mr. Deepfakes shut down in May 2025 after a service provider withdrew its support, halting the site's operations, Segall says. He has not faced any legal consequences or answered to the allegations.

Still, much has changed since the investigation began. Women now have more recourse.

"The conversation is also moving to platforms, payment providers, who else is liable in this ecosystem that enables this," Segall says. "Those are conversations that we can have now. And my hope is that this story enables us to have that conversation."

The 14-part docuseries Searching for Mr. Deepfakes is now available in full on Paris Hilton's TikTok account. Additional audio content related to the investigation and its characters will roll out on the Mostly Human with Laurie Segall podcast every Thursday through June 25.

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New Photo - Jennifer Aniston and Lisa Kudrow still want to host a Friends rewatch podcast: 'That was a great ...

The actresses played Rachel Green and Phoebe Buffay on all 10 seasons of the NBC sitcom. Jennifer Aniston and Lisa Kudrow still want to host a Friends rewatch podcast: 'That was a great idea' The actresses played Rachel Green and Phoebe Buffay on all 10 seasons of the NBC sitcom. By Raechal Shewfelt :maxbytes(150000):stripicc()/RaechalShewfeltauthorphotoc49d3a3b6aa442f588f2bbc0de804e09.jpg) Raechal Shewfelt Raechal Shewfelt is a writer at . She has been working at EW since 2024. Her work has previously appeared on Yahoo and in American Journalism Review and The Shreveport Times.

The actresses played Rachel Green and Phoebe Buffay on all 10 seasons of the NBC sitcom.

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The actresses played Rachel Green and Phoebe Buffay on all 10 seasons of the NBC sitcom.

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The veteran character actor, who died on June 3, leaves behind a legacy that includes roles in &34;Top Gun: Maverick&34; and &34;Jumanji.&34; James Handy's most memorable film and TV roles: A look back at the late actor's prolific career The veteran character actor, who died on June 3, leaves behind a legacy that includes roles in &34;Top Gun: Maverick&34; and &34;Jumanji.&34; June 5, 2026 4:36 p.m. ET Leave a Comment :maxbytes(150000):stripicc()/JamesHandyjumanji060526bf048460f1cf4f8ebc06fc09065d5d79.jpg) James Handy in 'Jumanji'.

The veteran character actor, who died on June 3, leaves behind a legacy that includes roles in "Top Gun: Maverick" and "Jumanji."

James Handy's most memorable film and TV roles: A look back at the late actor's prolific career

The veteran character actor, who died on June 3, leaves behind a legacy that includes roles in "Top Gun: Maverick" and "Jumanji."

June 5, 2026 4:36 p.m. ET

Arachnophobia

James Handy, Jeff Daniels, Brian McNamara, and Julian Sands in 'Arachnophobia'

James Handy, Jeff Daniels, Brian McNamara, and Julian Sands in 'Arachnophobia'.

Walt Disney Co./Courtesy Everett

1990's *Arachnophobia* is a bona fide horror comedy classic. Directed by Frank Marshall, the film stars Jeff Daniels as a doctor who moves to a small town that's soon overrun by deadly spiders. The killer supporting cast includes John Goodman, Julian Sands, and none other than John Handy.

The late actor costars as Milt Briggs, the county coroner who helps Daniels' doctor figure out what's killing the locals.

Kirsten Dunst and James Handy in 'Jumanji'

Kirsten Dunst and James Handy in 'Jumanji'.

Four years after *The Rocketeer*, Handy reunited with director Joe Johnston for a small but pivotal role in *Jumanji*. Based on the classic Chris Van Allsburg picture book, *Jumanji* centers on a pair of kids (played by Kirsten Dunst and Bradley Pierce) who find a magical board game that unleashes its dangers into the real world.

Handy shows up as an exterminator who first tells the kids the local lore about the previous owner of the game, Alan Parrish, played by the late Robin Williams.

The best Robin Williams roles

Robin Williams

'Top Gun' turns 40! See Tom Cruise and his costars four decades later

Anthony Edwards as Lt. Nick 'Goose' Bradshaw and Tom Cruise as Lt. Pete 'Maverick' Mitchell in 'Top Gun'

Top Gun: Maverick

James Handy in 'Top Gun: Maverick'

James Handy in 'Top Gun: Maverick'.

Paramount Pictures

Handy's most recent — and possibly final — film role was in *Top: Gun Maverick*, the long-awaited sequel to the 1986 action classic *Top Gun*. Tom Cruise reprised his role as the eponymous pilot in the film, which features a star-studded ensemble including Miles Teller, Jennifer Connelly, and Jon Hamm.

As was often the case in Handy's career, his role was a fairly small but important one. He plays Jimmy, an old-timer bartender at Penny's bar, which is owned by Maverick's love interest.

James Handy as Capt. Haverill on 'NYPD Blue'

James Handy as Capt. Haverill on 'NYPD Blue'.

ABC Photo Archives/Disney General Entertainment Content via Getty

Handy also guest-starred on one of the greatest police procedurals of all time, *NYPD Blue*. The actor played Capt. Jim Haverill in seven episodes of the acclaimed ABC series about the officers working at a fictional Manhattan precinct.

Haverill is introduced in season 1 as a domineering borough commander who antagonizes Det. Andy Sipowicz (Dennis Franz) and Lt. Arthur Fancy (James McDaniel). Handy appeared in a couple of episodes in the first season, and returned for a more prominent arc in season 2.

James Handy as Arthur Devlin on 'Alias'

James Handy as Arthur Devlin on 'Alias'.

Handy delivered another memorable performance on *Alias*. Created by J.J. Abrams, the espionage thriller stars Jennifer Garner as Sidney Bristow, a spy who joins her dad, Jack (Victor Garber), in working as a double agent for a secretive CIA branch and a fictional international organization.

The Bristows have to answer to CIA director Arthur Devlin, played by Handy. The late actor appears in eight episodes across the series, though he's featured most prominently in season 1.

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Susan Boyle opens up about &x27;difficult&x27; recovery after suffering stroke: &x27;I&x27;m taking wee baby steps&x27; Emlyn TravisFri, June 5, 2026 at 6:52 PM UTC 0 Susan Boyle at Pride of Scotland Awards in 2025Credit: Roberto Ricciuti/WireImageKey Points Susan Boyle is detailing her "difficult" recovery experience after suffering a minor stroke in April 2022. The singer explained that the health scare impacted her ability to both speak and sing. "It was difficult at first, but after the first few weeks, my voice slowly started to come back.

Susan Boyle opens up about 'difficult' recovery after suffering stroke: 'I'm taking wee baby steps'

Emlyn TravisFri, June 5, 2026 at 6:52 PM UTC

Susan Boyle at Pride of Scotland Awards in 2025Credit: Roberto Ricciuti/WireImageKey Points -

Susan Boyle is detailing her "difficult" recovery experience after suffering a minor stroke in April 2022.

The singer explained that the health scare impacted her ability to both speak and sing.

"It was difficult at first, but after the first few weeks, my voice slowly started to come back. I have been having a lot of vocal lessons, too, for my singing," she said.

Susan Boyle is speaking openly about her health after suffering a minor stroke in April 2022.

The "I Dreamed a Dream" singer explained in an interview with The Sun on Friday that the medical emergency impacted her ability to both sing and speak and that she is currently taking "wee baby steps" to get her voice back.

"It feels surreal to be here now," Boyle told the outlet. "I never thought I would be able to come this far. I've had a lot of encouragement and the public have been so loving to me."

Susan Boyle at the Pride of Britain Awards in 2025Credit: Ian West/PA Images via Getty

Still, she acknowledged that it hadn't been an easy journey to get here.

"I have had a lot of speech therapy," Boyle said. "It was difficult at first, but after the first few weeks, my voice slowly started to come back. I have been having a lot of vocal lessons, too, for my singing."

The Britain's Got Talent alum admitted that while her voice "still needs some work," she is "sure my singing voice will come back" in the future.

"I am taking wee baby steps," she said. "If you go too fast, too soon, you go down a hole. It took a while for my confidence to come back with my music. But I am getting there. Slowly."

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Boyle first revealed that she'd had a stroke after performing live on Britain's Got Talent with the West End cast of Les Misérablesin 2023.

"It's actually special for me, because last April, I suffered a minor stroke," she said at the time. "I fought like crazy to get back on stage, and I have done it."

Simon Cowell, who was present for Boyle's original audition on the series, called her return after the health scare an "unbelievable" triumph.

"Susan, we owe you so much, and I knew you weren't well, but, if anyone was going to come back, you were going to come back," he said.

Susan Boyle in Louisville, Ky., in 2014Credit: Stephen J. Cohen/Getty

Boyle has since made a return to music, singing in not one, but two separate ads for Scottish soda company Irn-Bru as well as Italian ice-cream company Cornettos.

"Music is my life," she told The Sun. "When I couldn't do it, I really missed it, so I can't tell you how good it feels to return."

Boyle also expressed interest in going on another tour in the future and teased, "I think I have got another album in me, for sure. It is something I do want to do, so I say, 'Bring it on.'"

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June 05, 2026

Reporter Spent Years Tracking Down the Man Behind a Deepfake Porn Website, then Recruited Paris Hilton to Help Expose Him (Exclusive)

Jennifer Aniston and Lisa Kudrow still want to host a Friends rewatch podcast: 'That was a great idea'

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June 05, 2026

Jennifer Aniston and Lisa Kudrow still want to host a Friends rewatch podcast: 'That was a great ...

James Handy's most memorable film and TV roles: A look back at the late actor's prolific career

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James Handy's most memorable film and TV roles: A look back at the late actor's prolific career

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Susan Boyle opens up about 'difficult' recovery after suffering stroke: 'I'm taking wee baby steps'

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