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Prince Andrew and his ex-wife Sarah Ferguson have bought a luxury chalet in the Swiss resort of Verbier.

The chalet, thought to be worth up to £13 million ($20 million), was bought by the divorced couple on a joint mortgage.

The Duke and Duchess of York have links with the ski resort going back at least 17 years, when they went there on holiday with their two daughters.

The purchase has been described as a “family investment”. Buckingham Palace declined to comment.Prince Andrew buys Swiss chalet in Verbier

The chalet was bought on a joint mortgage for a cost of between £8 million ($12 million) and £13 million ($20 million).

A source close to Sarah Ferguson described the purchase as a “family investment”.

“They holiday in Verbier several times each year as all the family are keen skiers and it makes sense to have their own place there,” the source said.

Although Prince Andrew and Sarah Ferguson divorced in 1996 after 10 years of marriage, they remained on good terms as they raised their two daughters, Princesses Beatrice and Eugenie, and the duchess lives in the family home of Royal Lodge in Berkshire.

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Sarah Ferguson has shed an incredible 50 lbs in just five months.

Fergie, formally known as the Duchess of York, showed off her noticeable weight loss in a sheer black dress at The Theory of Everything UK premiere on December 9.

Sarah Ferguson, a former Weight Watchers ambassador, has always been public about her struggles with weight, and recently revealed to Hello! magazine the motivation behind her newly slimmed-down physique.Sarah Ferguson weight loss

Fergie, 55, says that she knew she had to make a change when she discovered that she weighed almost the same as when pregnant with her first daughter, Princess Beatrice, who is now 25.

“That’s what really frightened me,” she says.

“Beatrice was an 8lb 8oz baby and I was only 6lb off my full-blown pregnancy weight. I decided to make a change.”

Sarah Ferguson dropped the extra pounds by cutting out sugar and sticking to a “straightforward” exercise regime.

“I used to be so angry,” Fergie tells the magazine about her initial struggle.

“I believed I was never going to lose the weight, that I had lost control. I couldn’t fit into any of my clothes. I was just drowning in eating, drowning in food.”