It has been revealed that Prince Edward , who lives at the 51-acre Bagshot Park with his wife, the Duchess of Edinburgh , only pays "peppercorn rent" at the sprawling property.

After forcing the disclosure of documents held by the Crown Estate, the Times explained that, according to the terms of Edward’s lease extension, signed in 2007 with his company, Eclipse Nominees Limited, "he paid £5 million upfront for a lease of 150 years, but pays only a peppercorn rent."

Peppercorn rent is a term used to describe a small, nominal rent, such as one peppercorn, to satisfy a legal requirement for a contract to be binding.

© Getty Images Bagshot Park is a 51-acre property with 120 rooms

Edward initially leased the property for 50 years for £5,000 a year in March 1998. The sum later

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