LONDON -- Prince Andrew will lose his prince title and move out of Royal Lodge, according to a statement from Buckingham Palace on Thursday.

Britain's King Charles has initiated a formal process to remove "the Style, Titles and Honours of Prince Andrew," said the statement.

"Prince Andrew will now be known as Andrew Mountbatten Windsor," said the statement, adding that he will move out of Royal Lodge, his Windsor mansion, to "alternative private accommodation."

The move came amid intense scrutiny in the past weeks upon the scandal over his association with deceased American financier and convicted sex offender Jeffrey Epstein.

"These censures are deemed necessary, notwithstanding the fact that he continues to deny the allegations against him," said the statement.

Prince Andrew will move to a property privately funded by the King, and have not objected to the King's decision to remove his titles, according to British media.