Buckingham Palace is in line for renovations costing up to £150m (US$236.2m, €211m) after a preliminary report on the state of the popular London attraction, which is home to Queen Elizabeth II, said the figure would be needed over the course of the next decade to maintain the Grade I listed building.

Included as part of the latest annual report looking at the Royal Family’s finances, comments from Alan Reid, keeper of the Privy Purse, said the necessary renovation work on the UK landmark would ‘present a significant financial challenge’ in the years ahead.

According to a palace spokesperson, the £150m figure has been identified by heritage experts as a realistic estimate for work required on the palace as part of a 10-year restoration scheme, with work taking part using a ‘wing by wing’ approach.

The core of the palace, much of which has been untouched for restoration since it was built, operated as a private residence in the 18th century before being expanded in the 19th century.

Architects are yet to be appointed for the restoration and it is not yet known if outside funding will be sought for the attraction, which draws around 500,000 visitors on an annual basis.