Princess Beatrice’s family has been dealt another blow after her husband Edoardo Mapelli Mozzi’s latest luxury beach development reportedly went into administration, owing millions of dollars.
Mapelli Mozzi, 42, who runs interiors and design business Banda Property, was working on a £125 million (about AUD $250 million) luxury beach development on Queensland’s Gold Coast, which has since gone bust and is set to be offloaded via a mortgagee sale.
The property, called Masthead Ocean Club, was acquired by Australian businessman Rory O’Brien in 2019 and was set to feature 28 luxury apartments on Main Beach.
The starting price for units was expected to be $5 million.
According to The Sun, Mapelli Mozzi was appointed by O’Brien to provide interior designs for the company in 2022, marking his first move into the Australian market.Â
However, it is understood the project stalled in 2023, and in December 2025 it was revealed the firm behind it had gone into administration, owing backers £10 million (AUD $20 million).
On Tuesday, the outlet reported that the prime oceanfront apartment site has now been fenced off, with signs declaring “Mortgagee in Possession”.
The news marks the latest setback for Princess Beatrice, 37, who has endured a stressful year amid the ongoing scandal surrounding her parents, former Prince Andrew and Sarah Ferguson, over their ties to convicted paedophile Jeffrey Epstein.
The former Duke and Duchess of York were stripped of their titles by King Charles III in October and have been evicted from their home of more than 20 years, Royal Lodge.
While Beatrice is said to be trying to maintain contact with her parents while still toeing the line with the Firm, her younger sister, Princess Eugenie, 35, has reportedly cut all contact with their father.
“Beatrice is trying to walk the fine line of not cutting her father off and yet remaining close with the Royal Family,” a source told The Mail on Sunday.
“They aren’t exactly in regular and close contact at the moment, but Eugenie isn’t trying to walk that line. She’s not speaking to him.”
At the same time, the York sisters are said to have been warned about their royal titles after their recent refusal to undergo a financial audit requested by their cousin, Prince William.
According to royal biographer and historian Andrew Lownie, the future King wanted to examine the sisters’ possible involvement in their parents’ business dealings, particularly those linked to the Middle East.
“I think they were asked if they would have their material audited by William, and they refused to do so, which doesn’t send out very encouraging signs,” he said his podcast, The Lownie Report.
“We know they were pretty firmly entwined [with their parents]. They’ve got plenty of occasions where they’ve been out promoting their father’s businesses abroad, particularly in the Middle East, in the Far East… Even recently, Beatrice has been out promoting a Saudi bank.”
The historian also criticised both sisters’ use of “grace and favour” homes provided by the 77-year-old monarch, suggesting the arrangement would not survive William’s reign.
“I think it’s ridiculous still that Beatrice and Eugenie have the use of flats at St James’s Palace and Kensington Palace- flats that were done up at public expense- when they have rich husbands and other homes,” he said.
“And they should be paying market rent if they at least have access to them.”
While Lownie conceded it would be difficult for William “to do much” following the sisters’ refusal to be audited, he said the optics remained damaging.
“There are still many questions,” he said.Â