Fiona Carnarvon, the eighth Countess of Carnarvon, lives in Highclere Castle, Hampshire, the setting for the popular ITV drama series Downton Abbey.
The former accountant married George Herbert, the Earl of Carnarvon, in 1999 and together they turned Highclere Castle into one of England’s most famous country houses.
They have a son, Edward, 23 years old.
The earliest mentions of the castle date back to AD 749 and it is now worth £137 million.
Lady Carnarvon tells Donna Ferguson that it costs millions of pounds a year to run.
Home truths: Lady Carnarvon says she spends too much money on plants
What did your parents teach you about money?
I am one of six sisters so for us it was all about sharing, being careful and thinking of others. Even now, when we buy a birthday present, my siblings and I go clubbing together.
My father was a chartered accountant and he worked as a kind of company doctor. He tried to turn businesses around, save jobs and businesses. My mother tried to raise six girls. We were lucky.
I came from quite a privileged background, but we didn’t have a lot of money in our pocket and money wasn’t central to our lives. And in the 1970s, when there were strikes and the lights went out, it was hard for everyone living in this country.
Have you ever had trouble making ends meet?
I studied English and German in St Andrews and like many university students, I struggled. I was always trying to make ends meet and earn money to pay off everything I shouldn’t have spent as a student. I worked the entire holiday to earn my living with tedious temp jobs.
Have you ever been paid stupid money?
That’s not something that’s ever happened to me. I just work every day and do it with great pleasure. In my opinion there is no secret pot of gold at the end of the rainbow. It’s about what you do with what’s in front of you – how you make it work and how hard you work.
How much were you paid to use Highclere Castle as the setting for Downton Abbey?
It’s a confidential contract, but if we’d gotten a lot of money, maybe I wouldn’t have to work as hard as I do now. Downton Abbey did not change the castle’s fortunes.
To begin with, the fee was quite small. As the years went by, careful consideration always had to be given to compensation or they would end up elsewhere. The production company’s argument against us is that we’re lucky because it’s good promotion for the castle – which of course it is.
Were you surprised by the success of Downton Abbey?
We were all quite surprised. The first series was filmed in 2009, premiered in 2010 and the following year I was commissioned to write my book, Lady Almina And The Real Downton Abbey.
That was a great success for the castle but also for me, because I managed to write a book. It was up to us to make the most of the publicity and find out where there was an opportunity to do something.
Does the castle pay for its maintenance?
We’re bringing in money, but this is about capital, and Highclere has been short of capital for 100 years. I’m afraid you can’t come up with that right away.
What’s the most expensive thing you’ve bought for fun?
A labrador puppy for my son Eddie when he was two. The puppy, Percy, cost £400 around 2001 or 2002. I now have Percy’s daughter, his grandchildren and great-grandchildren: seven dogs in all. So he turned out to be quite an expensive purchase, especially when you look at the vet costs.
What’s your biggest money mistake?
I don’t dwell on my mistakes. I watch it, try to learn from the experience and move on. I see making mistakes as part of life. However, my money weakness is buying shrubs and plants.
Biggest money decision you’ve made recently?
I’ve put quite a bit of my savings into Highclere Castle Gin. We started it in 2019 – just before Covid, which was terrible timing. But I hope it will turn out to be my best money decision. So far, the gin has won 100 gold and platinum awards. It took us four years to develop. It is inspired by what we grow in Highclere, the botanicals, the lemons in the greenhouses, the lavender and juniper on the hills.
Are you saving for a pension and investing in the stock market?
I started retirement in my thirties, which was way too late. I have encouraged my son to start in his twenties. Although I save in mine, I’m more focused on my stocks and stocks Isas.
Geordie retired younger and we choose our investments together to ensure we have a balanced risk profile as a couple. I like to invest in companies in different parts of the world, because our own island is certainly struggling.
I’m also interested in life sciences and pharmaceuticals because they’ve been such an extraordinary help to us.
Do you own real estate?
We are keepers – but isn’t that what we should all be in this world today? The castle is in several trusts. My husband and I are just stewards. Houses deemed to be of sufficient national importance can be placed in family trusts in conjunction with Revenue & Customs and Historic England.
And inheritance tax is withheld and the castle can be passed on to future generations, provided it is kept as a whole, nothing is sold, and it is shared and open to the public. Sometimes we have up to 1,000 visitors through the house every day.
We must invest in Highclere and repair all assets. The management of the castle costs millions of pounds a year. It has 300 rooms and 5,000 acres with a fantastic collection of wildlife and rare birds.
Do you ever identify with Lady Mary, the heiress of Downtown Abbey?
There is no comparison, because I am a farmer and a farmer’s wife. My main thought when we acquired Highclere was, how can we get people to care about our home and want to come here?
If you were Chancellor, what would you do first?
I would make a growth plan. At the moment we are unable to grow because we are cut off from our main customers which are mainland Europe and there is a lack of incentive to invest here.
What is your first financial priority?
More money coming in than going out.
- Highclere is open from Sunday to Thursday, from July 9 to September 4, 2023, for pre-booked tickets only. A 70cl bottle of Highclere Castle Gin is available from Waitrose for £39.99.
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