By Kate Ward
Updated May 24, 2010 at 05:59 PM EDT

Sarah Ferguson, a.k.a. Fergie, has apologized for camera footage of the Duchess of York offering to give an undercover reporter access to ex-husband Prince Andrew for $40,000 in cash and $718,500 in wire transfers. “I very deeply regret the situation and the embarrassment caused,” she said in a statement. “It is true that my financial situation is under stress, however, that is no excuse for a serious lapse in judgment and I am very sorry that this has happened.” The tape, which was filmed Tuesday, features Ferguson offering the access, and saying the prince, “never does accept a penny for anything,” Reuters reports.