He predeceased his father, and his son Simon inherited the Lordship of Lovat in 1995.
[1] During his life, the Master of Lovat accumulated an estimated seven million pounds sterling (£7,000,000)[2] in debts.
As a result, upon his father's death in 1995, the family estate of Beaufort Castle was sold, for around £2,000,000.
His son, the 16th Lord Lovat, has voiced his determination to buy it back.
Fraser married Virginia Grose, a granddaughter of Daniele Varè, and together they had four children: