Prince William has inherited the Duchy of Cornwall, a property and land portfolio that once belonged to the former Duke of Cornwall, making him one of England’s biggest landowners.
As King Charles III ascended the throne Saturday morning, he passed the title of the Prince of Wales to his son William following the death of HM the Queen as well as an Eetate worth more than $1 billion, the Guardian reports.
The estate covers more than 128,000 acres across England and Wales and includes farmlands, commercial properties, homes, forests, rivers, and coastline.
It also includes The Oval cricket ground in south London, Dartmoor prison, and the mineral rights of a tin mine in Cornwall as well as ownership of Poundbury, a housing estate in Dorchester, Dorset.
William is also expected to take over Charles’ countryside estate, Highgrove House.
The Duchy of Cornwall was established in 1337 and the King took over the running of the estate and was entitled to the full income at the age of 21. According to the duchy’s website, revenue generated was used to fund his “public, private and charitable activities”.
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 are still observed today.
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This comes after news that the new Prince and Princess of Wales, William and Kate, are reportedly set to delay moving to Windsor Castle after having only recently moved from Kensington Palace to Adelaide Cottage with their three children.
The couple's three children, Prince George, nine, Princess Charlotte, seven, and four year old Prince Louis, also started at a new school just last week, and they want them to settle in before moving again, The Telegraph reports.
A source told the newspaper: "They won’t be starting from scratch when it comes to decisions on what happens to all of the royal properties because there have been lots of conversations about that over the years, but things can change when family dynamics are taken into account and they will want as little disruption to their children’s lives as possible right now.
"They are very happy right now at Windsor and for the next decade or so everything will be pretty much dictated by what is right for the children."
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