Financial ramifications of peerages created since the 19th century
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Firstly, I think you may be getting a little confused between life peers and hereditary peers.
Life peers are given a peerage or title for their lifetime only. It is not hereditary and it cannot be handed down to their children. When that person dies, the peerage or title dies with them. They are not expected to maintain a country estate or multiple houses, nor are they necessarily expected to be wealthy.
The cost you refer to I believe is probably constituted from an honour fee paid, for the priviledge of becoming a peer which probably covers the administrative charges, charge for the warrant and possibly also the fee for a coat of arms or heraldry from the College of Heralds. In addition to that would also be the cost of regalia when needed and worn on public occasions.
The cost of all that added up could well constitute a considerable sum of money.
Hereditary peers are in a similar position but the initial cost of being made one will already have been paid and their main concern is the upkeep of the family seat or family home which would have been passed down to them through the generations. Many peers have found that these old country homes and castles are simply so expensive to maintain they've had to sell them to English Heritage, who maintain them but open them to the public. Some have had to sell them to private individuals simply because they have insufficient funds to maintain them.
Just because a country seat has been sold, does not mean a hereditary peerage or titles goes with it. It does not, it remains with the peer until death and is then inherited by their son or sometimes daughter.
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