The Prince of Wales plans to sell around one-fifth of his £23 million Duchy of Cornwall property empire over the next ten years, it has been revealed.
William, 43, inherited the vast estate from his father, King Charles III, and earns a private income from the 54,000 hectares of land across 21 counties in England and Wales. The land, known as the Duchy, has been bestowed on every heir since the 14th century.
He now plans to invest £500 million, largely from land sales, to have a “positive” impact on tackling housing and environmental issues, according to The Times.
Will Bax, who has been chief executive of the Duchy since 2024, told the paper: “If we don’t see an opportunity for positive impact, then perhaps we don’t need to be a part of that place.”
Addressing the planned sale, he said: “But where there is social need and where there is environmental challenge and where there is an opportunity to enable change, then we’ll be a great partner in working with people to achieve that.”
Exciting plans
Will was previously director of the Grosvenor Group, the Duke of Westminster’s property and estate portfolio. The Duke of Westminster is one of the richest men in the UK and is one of Prince William’s closest friends.
A planned £160 million will go towards building affordable homes in Kennington, Cornwall, and the Scilly Isles. The money also aims to “unlock” between 10,000 and 12,000 homes by 2040, reinvest £120 million into workplaces, and build enough renewable energy to power 100,000 homes.
It will focus on Dartmoor, Bath, Kennington in south London, as well as Cornwall and the Isles of Scilly, where William is due to visit later this week.
The Duchy of Cornwall
The Duchy of Cornwall means that Prince William is the biggest private landowner in Britain. The estate was established by King Edward III in 1337 to provide an income for the heir to the throne.
© GettyThe extensive property and land portfolio extends across 21 counties in England and Wales and includes the Oval Cricket Ground and 67,000 acres of Dartmoor.
The Duchy also owns 75 per cent of the Isles of Scilly and an urban extension called Poundbury, which will be completed in 2028.
Prince William’s rent
The news comes after it was revealed how much rent Prince William pays for his “forever home”, Forest Lodge in Windsor, where he lives with his wife Kate and children, Prince George, Princess Charlotte, and Prince Louis.
© Getty ImagesA new report, also in The Times, revealed the family has been paying £307,500 a year in rent, after signing a 20-year lease on the Georgian mansion.
However, other members of the royal family only pay “peppercorn” rent for their properties – an amount so low that its function is merely symbolic.
Among those who benefited from these agreements were Andrew Mountbatten-Windsor, then living at Royal Lodge, and the Duke and Duchess of Edinburgh, with their Bagshot Park residence.
Read the full article here
