Prince William to sell parts of royal estate to fund $670M project
The Prince of Wales' Duchy of Cornwall estate is one of Britain's biggest landowners, with a portfolio that includes large swathes of land as well as commercial and residential properties.
LONDON — Prince William will sell off parts of his vast Duchy of Cornwall estate over the next decade to help fund plans to invest more than 500 million pounds ($670 million) in local communities, including affordable housing and environmental projects.
According to a May 17 report from The Sunday Times, the sales are equal to roughly 20% of the estate, which is one of Britain's biggest landowners with a portfolio that includes large swathes of land as well as commercial and residential properties.
The Duchy of Cornwall, established in 1337 by King Edward III, is one of two royal duchies, a type of land management and financial investment firm that can carry the functions of a corporation or trust. The company's income is typically payable to the British royal, or Duke of Cornwall, overseeing its operations.
"The Duchy should exist to make a positive impact, particularly in the communities where we can make the biggest difference," Will Bax, chief executive of the Duchy of Cornwall, told The Times.
"That ambition requires significant investment and, in some cases, means rebalancing what we own in order to be as impactful as possible to our communities, now and in the future."
Bax said the money would be "largely funded by reinvesting capital from across the Duchy, alongside development income, partnerships and some borrowing."
William, who received a private income of more than 20 million pounds (approximately $30.9 million) from the Duchy last year, and his father, King Charles III, have in recent years faced criticism over the way their estates have been managed. Aides say William has been looking closely at management of the Duchy since inheriting it in 2022.
In 2024, a Sunday Times report and separate TV documentary accused Charles and his heir William of making millions from the country's health service, army and schools from charges imposed by their respective estates.
The Duchy subsequently reduced rents significantly for a number of charity and community tenants.
Inspired by Prince William's environmental philanthropy, the Duchy of Cornwall has also taken on several ecologically-friendly initiatives, such as creating "environmentally sustainable" neighborhoods and pledging to become a net-zero organization by 2032.
Contributing: Edward Segarra, USA TODAY