Prince William inherits 685-yr-old estate worth £1 billion as father becomes UK’s King
Prince William assumed the duties of Duke of Cornwall and inherited a royal estate in Cornwall totaling 7,571 hectares, with a market value of almost £1 billion
Since UK’s King Charles III’s coronation, Prince William has assumed the duties of the Duke of Cornwall. This means that the Duchy of Cornwall estate is now under Prince William’s management. Due to Duchy’s 1337 charter, which stipulates that the Duke of Cornwall is always the successor to the throne, Prince William received the entire estate upon the passing of Queen Elizabeth II.
Additionally, William and Kate have assumed the titles of Duke and Duchess of Rothesay in Scotland as well as the new Prince and Princess of Wales. William also received the Scottish titles of Prince and Great Steward of Scotland, Lord of the Isles, Baron of Renfrew, and Earl of Carrick.
The Duchy of Cornwall
The Duchy has an estate in Cornwall totaling 7,571 hectares, with a market value of almost £1 billion. As the new Duke of Cornwall, Prince William will be responsible for this royal property. Notably, Edward III established the Duchy of Cornwall in 1337 for his successor and son, Prince Edward.
Each future Duke of Cornwall would be the Monarch’s eldest living son and the heir to the throne, according to a charter. It is the Duchy’s duty to administer the estate in a way that is “sustainable, financially successful, and of meaningful benefit to the local community.” The estate and its operations have changed in accordance with the opinions and goals of each Duke of Cornwall.
As part of their new positions, Prince William and Princess Kate Middleton are likely to make frequent trips to the Duchy to promote regional organisations, businesses, and communities, just like King Charles and Queen Consort Camilla did while they were Duke and Duchess. In order to pass the estate on to subsequent generations in a stronger and better position, the former Duke of Cornwall also wanted to “nurture and strengthen the estate.”
How much money will Prince William make as Duke of Cornwall?
According to the Duchy of Cornwall website, The Prince of Wales only receives the yearly income from capital assets; he is not entitled to any earnings or profit from their sale. William is entitled to a millions pound annual net surplus from the Duchy of Cornwall landed estate as the 25th Duke of Cornwall.
The Duchy currently provides an annual income of £21 million, which The Prince uses to support himself, his children, and their families as well as his philanthropic work, which raises more than £100 million annually for a variety of worthwhile causes, according to the official Prince of Wales website.
On all estate income, the Prince willingly pays income taxes. His expenses for both his official and private lives will be covered by the income. After deducting official expenses at the maximum rate, which was 45% in 2016–17, Prince Charles paid income tax voluntarily on the surplus of the Duchy of Cornwall, totaling £4.8 million (including an element of VAT).
The structure and administration of the Duchy of Cornwall
The Duchy of Cornwall encompasses 52,449 hectares of land spread across 20 counties, the most of which are located in the South West. It consists of farms, land, buildings, rivers, quarries, historical sites, and coastline. Unexpectedly, the majority of the Duchy of Cornwall is not located in Cornwall. The majority of the rest is dispersed over various southern English regions.
For instance, Poundbury, a town in Dorset, and Highgrove, King Charles’ residence in Gloucestershire, are both part of the Duchy. William now has control over the coastal littoral surrounding Cornwall and the Isles of Scilly, as well as estuaries including the Tamar, Helford, and Camel. In addition, he will own 900 acres of woodland in Cornwall, including Greenscombe Wood in the east.
Even vacation rentals and 17 historic sites, like Launceston Castle, can be found in the Duchy. William’s responsibilities as heir to the kingdom, which he automatically acquired upon the passing of the Queen Elizabeth II on September 8, will increase as he supports his father in his jobs and gets ready to rule on his own someday.
