Andrew Mountbatten Windsor arranged a private tour of Buckingham Palace for businessmen from Pegasus Group Holdings, a cryptocurrency mining firm that had agreed to pay his ex-wife Sarah Ferguson up to £1.4 million, according to BBC reports. This revelation raises further questions about the use of royal connections for private financial gain.
In June 2019, while the late Queen was in residence, Andrew organized a private visit for Jay Bloom and Michael Evers, co-founders of Pegasus Group Holdings. The businessmen were collected from their five-star Knightsbridge hotel in Andrew’s own car and driven through the palace gates, bypassing public access. Once inside, they were escorted by palace staff, with security measures indicating the visit was pre-arranged and expected. Disputes arose over whether they briefly met the Queen, as Mr. Evers claimed a quick encounter, while Mr. Bloom denied it, though Buckingham Palace could not confirm or deny the interaction.
Sarah Ferguson, the Duchess of York, was serving as a brand ambassador for Pegasus at the time, promoting a scheme to use solar power generators for Bitcoin mining in the Arizona desert. Her contract stipulated first-class travel, five-star hotels, and professional grooming for up to four networking events. She received over £200,000 for her work and was in line for a £1.2 million bonus, alongside a stake in the business. The relationship provided the businessmen access to royal circles, including dinners with Andrew and their daughter Princess Beatrice.
The Pegasus project aimed to deploy 16,000 solar generators but acquired only 615, mining just $33,779 in cryptocurrency before failing. Investors lost millions, leading to legal action in 2021, with a U.S. tribunal awarding them $4.1 million. Mr. Bloom is appealing the decision, while Mr. Evers expressed regret over his involvement and frustration at unpaid investments. The venture’s collapse highlighted risks in the crypto-mining industry and the lack of due diligence in high-profile endorsements.
This incident adds to ongoing scrutiny of Andrew and Sarah’s financial dealings, including previous payments from entities like Alphabet Capital, which funneled money to both despite no clear explanation. Andrew’s recent stripping of royal titles and planned move from Royal Lodge follows intense criticism over his associations, including with Jeffrey Epstein. The palace visit underscores concerns that Andrew may have leveraged his position for personal benefit, complicating efforts to rehabilitate his public image.
Broader implications include potential impacts on the monarchy’s reputation and calls for greater transparency in royal finances. The failure of the Pegasus scheme and the involvement of high-profile figures like Sarah Ferguson could deter future business partnerships with royals. As Andrew faces further investigations, this episode may influence public and political perceptions of the royal family’s accountability and the boundaries between public duty and private enterprise.