- Prince William inherited a property estate worth more than $1 billion, per The Guardian.
- He automatically inherited the Duchy of Cornwall estate after his father became King Charles.
- Charles himself inherited the estate at the age of 21 and it generated revenues of $24 million last year.
Prince William has become one of Britain’s biggest landowners after inheriting the Duchy of Cornwall, a large portfolio of privately owned land and assets.
He also inherited the Prince of Wales title after the Queen died, as well as the estate that was valued at more than $1 billion in March, The Guardian reported.
The estate covers more than 28,000 acres across England and Wales and includes commercial properties, homes, forests, rivers, and coastline. It includes The Oval cricket ground in south London, Dartmoor prison, and the mineral rights of a tin mine in Cornwall.
It also owns Poundbury, a housing estate in Dorchester, Dorset, that was built on Charles’s principles of architecture and urban planning. It is home to about 3,800 people in a mix of private and public housing.
The property portfolio has been a source of income for Charles since he inherited it at the age of 21 and it generated more than $24 million last year, according to The Guardian.
Charles paid income tax of 45% on the estate’s revenues, according to its annual reports, which amounted to over $26 million, per the report. He was not liable for paying tax as the duchy is not a registered company, but King Charles voluntarily did so.
The Duchy of Cornwall was established in 1337 as a private estate by Edward III and a charter ruled that the eldest surviving son of the monarch would become the Duke of Cornwall and subsequently inherit the estate.
Revenue from the estate was used to fund the King’s “public, private, and charitable activities,” its website states.
The charter outlined a set of rules, including that the Prince of Wales is not entitled to its proceeds or profit on the sale of assets, which is still followed today. William is only allowed to receive annual income that the assets generate.
The Duchy of Cornwall was not immediately available for comment.