London's Buckingham Palace to Receive $485 Million Renovation

Buckingham Palace—the London residence of Queen Elizabeth II—will receive a $485 million renovation, officials revealed Friday. Modifications to the structure, which has served as the official London residence of the Royal Family since 1837, will include replacing lead pipes, electrical wiring, and cables, which have not been replaced for nearly 60 years. The construction is set to be funded by a short-term 10 percent increase in the Sovereign Grant, the fund alotted by the U.K. government to to fund the official running costs of the monarchs' households. The Queen will reside in the palace while the renovations are completed, a process scheduled to take several phases over the next ten years.