With the death of Queen isabel II, there are many unknowns such as inheritance, since royal wills are not made public. What does this mean? That most of the late queen’s personal wealth will remain a secret. However, now the prince williambeing first in line to the British throne, is known to have inherited land worth £1 billion or $1.2 billion, according to accounts for the last financial year.
Last year, Forbes estimated that the monarch’s fortune was worth 500 million dollars, which was made up of her jewelry, art collections, investments and two residences: the Balmoral Castle, ScotlandY Sandringham House, in Norfolk. Both properties were left to him by his father, the king. George VI.
Of course, although it is a mystery, most of the royal family wealthwhich is estimated at some 18,000 million pounds sterling (21,000 million dollars) in property and investments, passes to the new monarch, the king charles iii… and his heir.
The inheritance of King Charles III to Prince William
The future king, Prince William, inherits the private property of the Duchy of Cornwallwhich belonged to his father. It owns an expanse of land and property covering nearly 350 miles in 23 counties, most of it in the south-west of England. It includes houses, residences, agricultural and livestock farms, as well as castles, coasts, rivers and forests. This was established in 1337 by King Edward III to give independence to his son Edward.
For example, in London, the Duchy owns 16 flats and 23 houses in Kennington, as well as The Oval, the international cricket ground.
The Duchy’s land on Dartmoor is the largest, about a third of Dartmoor National Park. In addition, the 21 farms in the Duchy are rented out to tenants, and there are also 50 houses, 5 taverns, 4 hotels, and several workshops.
Another property is Highgrove Housewhich has been the family home of the King and Queen consort when they were the Prince of Wales and the Duchess of Cornwall.
The Isles of Scilly, home to a group of over 200 islands, the duchy owns most of the land and almost a third of the residential buildings on them.
As for the castles, it includes that of Cromwell at Trescothe Restormel in Cornwallthe one of Lydford and the city of Saxon in Devonas well as Maidens in Dorset and the castle of Berkhamsted in Hertfordshire, to say some. The list is long…
Where does the proceeds from the Duchy of Cornwall go?
The proceeds from that estate, according to its website, are used to finance the public, private and charitable activities of the Duke of Cornwall, a title now held by Prince William.
Although this and other royal estates make huge profits, the monarch and heir are restricted in how much their fortunes can personally benefit from. However, as they are private sources of wealth, the owners (royalty) are not required to give any details beyond reporting their income.
Neither Prince William nor King Charles are required to pay any kind of tax on the assets they own. However, they have paid income tax since 1993.
Some of the properties that Prince William now inherits are rented out for weekends and holidays. The available places can be found on the official page of Duchy of Cornwall Cottages.