Yahoo Finance King Charles III to pay rent to Prince William for one of his properties – not the other way around
Following Prince William’s inheritance of the Duchy of Cornwall, a new report claims King Charles III will pay his son a whopping £700,000 a year in rent for his Highgrove Estate. Just a little bit of money, then.
The Duchy of Cornwall comprises of 128,000 acres of land and a £345 million property portfolio, which has always passed to the reigning monarch’s eldest child. In this case, that’s Prince William.
Inheriting the title of Prince of Wales means William is now the biggest private landowner in Britain with £1.2 billion worth of properties; including farms, housing developments, seven castles, woodland, coastlines and commercial properties.
According to The Sun, Highgrove Estate now belongs to Prince William, making one of his tenants is a little different from the rest. King Charles III's cherished home sits on the Duchy estate, meaning he will now have to pay hundreds of thousands of pounds to William each year. £700,000 to be exact.
As a source put it, "The King has a long lease and pays rent on Highgrove House and surrounding land."
Boasting nine bedrooms and six bathrooms, the Royal residence is said to be the one the King is most fond of. This was demonstrated when the new monarch retired to his beloved residence in Gloucestershire for a day following his mother’s death to find some solace. Highgrove is also close to the Queen Consort Camilla’s private residence Ray Mill House in Reybridge.
How the other half live, eh?
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