In the days since Queen Elizabeth II’s death rocked the United Kingdom, the British royal family has undergone major changes as the line of succession shifts and different members take on new roles.
For instance, King Charles III, the former Prince of Wales, is now the head of the monarchy. As such, his son Prince William, is now the Prince of Wales and has also taken on the Duke of Cornwall title which was formerly held by his father.
Prince William’s new role comes with more than just a new title and job description. Rather, what everyone has been talking about lately is how he will now inherit the Duchy of Cornwall estate, valued at an estimated US$1.2 billion, according to a report in The Guardian.
The 685-year-old private estate has been passed down through the royal family since it was established in 1337 and has a charter that rules that each future Duke of Cornwall be the eldest surviving son of the monarch and the heir to the throne.
The estate itself generates revenue from resources such as farms and property rentals and the money can be spent however the sitting duke sees fit.
King Charles III chose to use a substantial portion of his income from the Duchy estate to meet the cost of his public and charitable work as well as the public and private lives of his immediate family.
Now, this income isn’t exactly minimal. Did you know that King Charles III received an income of over £21 million from the estate just last year alone, according to The Guardian.
With how much the property is worth and the amount it generates, we take a look at everything you probably never knew about the British estate.