M0nica
Many colleges have not so small fortunes tucked away. Living near Oxford, almost all the land for miles was owned by one college or another and over the last 20 years plus, as oxford has expanded they have sold some of it it off for development at development prices.
Having researched my Oxfordshire family history I found that most of the villages, houses and surrounding land where my ancestors lived and worked were owned by Oxford colleges.
I understand they have been selling off land over the last few years.
I'm not bothered about the portrait one way or another and it's hardly news, is it.
However, yes, Government buildings and offices, even distant or obscure ones, did have a portrait of HM somewhere on a wall. Did anyone make a fuss? No.
If anyone removed it would anyone have noticed or go to the newspapers with the story? No. Possibly someone would have found it and quietly replaced it!