Celebrity
Prince William to sell off 20 per cent of Duchy of Cornwall estate under major reforms to fund affordable housing and environmental projects
He Prince of Wales will sell 20 percent of his $2 billion private estate to finance affordable housing and environmental projects.
As heir apparent, Prince William receives most of his throne personal wealth from the Duchy of Cornwallwhich he inherited from his King Charles after the death of the late Queen Elizabeth II in September 2022.
The property empire covers 54,000 hectares of land across 21 counties and includes farmland, hotels, medieval castles, offices, shops and some of London’s premier luxury real estate.
The sell-off over the next decade will see Prince William invest £500 million (approximately $1 billion) in five core areas with the greatest social and environmental needs: the Isles of Scilly, Cornwall and Dartmoor, Bath and Kennington in South London, The times reports.
The reforms are part of Prince William’s new strategy for the duchy, which will earn the Prince of Wales around £23.6 million ($45 million) a year.
The private income helps finance the private lives of Prince William and… Catherinetheir three children and their official work.
Prince William previously said: “We are not the traditional landowner… we want to be more than that.”
READ MORE: Princess who lives in Sydney attends first public event
READ MORE: Kate is the ‘queen of children’s hearts’ after Diana
READ MORE: Threats royal children face as they approach high school
“There’s so much good we can do. I’m trying to make sure I prioritize things that will make people’s lives, life in those areas, better.”
Will Bax, CEO of the Duchy, said The times the next ten years would be one of change after William decided that the Duchy “should not exist merely to own land”.
“It has to exist in the first place to have a positive impact on the world.”
“If we don’t see an opportunity for a positive impact, maybe we don’t need to be part of that place,” Bax said, referring to plans to sell a fifth of the estate.
“But where there is a social need and where there are environmental challenges and where there is an opportunity to enable change, then we will be a great partner in working with people to achieve that.”
One of Prince William’s core projects is Homewards, which has the ambitious mission end homelessness across Britain.
There are plans for the Duchy to provide 12,000 additional homes by 2040. A third of this must be affordable, with a residential investment of £161 million (about $217 million).
Since 2022, the prince has had plans to turn the Duchy into a social enterprise, reflecting his interest in projects such as reducing homelessness and fighting climate change.
In 2024, an investigation into royal finances revealed that the Duchy was charging rent to charities and community groups.
Following the criticism, the Duchy of Cornwall stopped imposing rents on lifeboat stations, the fire brigade, village halls and school playing fields, while others received a 50 percent discount.
There has been greater supervision of royal finances since the Andrew Mountbatten-Windsor, especially over royal property.
The King’s younger brother was criticized after it emerged he had not paid rent for Royal Lodge on the Windsor Estate in 20 years.
In December, Britain’s Public Accounts Committee said it was launching an investigation into royal lease agreements with the Crown Estate.
Earlier this week it was revealed that the Prince and Princess of Wales are paying almost £100,000 (about $186,822) more than previous tenants rent their family home in Windsor.
Prince William and Catherine pay £307,500 (about $574,539) a year to rent Forest Lodge, according to The times.
The couple married in July 2025 signed a 20-year lease for the mansion in Windsor Great Park, but the rental was unknown until now.
It is believed they have agreed to make the figure public after registering the official documents for their home at the land registry this week.
The family’s rent is paid using the private income Prince William receives after tax from the income of the Duchy of Cornwall estate.
FOLLOW US HERE ON WHATSAPP: Stay updated with the latest celebrity news, lifestyle and opinions through our WhatsApp channel. No comments, no algorithm and no one can see your private data.
