London ? Duchess of York Sarah Ferguson said she was “very sorry” for her lapse of judgment after she was recorded apparently offering to sell access to her ex-husband Prince Andrew in return for $724,000.

The duchess said in a statement released Sunday that she had financial problems, but “that is no excuse for a serious lapse in judgment and I am very sorry that this has happened.”

“I very deeply regret the situation and the embarrassment caused,” she said.

The newspaper said Ferguson, 50, spoke to an undercover reporter posing as a businessman.

Andrew is an international British trade ambassador. Both the newspaper and the duchess said he had no knowledge of the meeting.

The report is embarrassing, but there is no suggestion Ferguson did anything illegal.

Ferguson married Andrew, who is fourth in line to the throne, in 1986. They had two children, Princesses Beatrice and Eugenie, before divorcing in 1996.

Since then Ferguson has written children’s books, made television documentaries and acted as a spokeswoman for Weight Watchers.

She also has struggled financially and has complained that her divorce settlement was stingy.

Recently the company set up to manage her U.S. career in publishing, public speaking and media work, Hartmoor LLC, collapsed with debts of around $1 million.