King Charles III has officially handed over hereditary revenues, including the Crown Estate, to the UK government and will start receiving a sovereign grant to fund his official duties as monarch. The agreement Charles signed was the same since 1760, when King George III offered care and profit from his private lands to the national government. Charles made the announcement at a royal ceremony at St James’s Palace on Saturday. STEWART VARNEY: QUEEN ELIZABETH MADE MONARCHY WORK The royal family’s private real estate holdings — estimated to be north of $14 billion in total value — have historically been handed down to the nation with each successive generation. King Charles III views floral tributes to the late Queen Elizabeth II outside Buckingham Palace on September 9, 2022 in London. (Chris Jackson/Getty Images/Getty Images) In return, the sovereign has guaranteed a generous government subsidy to fund his projects and travels, as well as personal expenses. QUEEN ELIZABETH II, RESPECT OF THE BRITISH ROYAL FAMILY The Council of Accession officially proclaimed King Charles III as Sovereign of the United Kingdom at St James’s Palace on Saturday morning. LONDON, ENGLAND – SEPTEMBER 09: King Charles III delivers his State of the Nation and Commonwealth Address from Buckingham Palace following the death of Queen Elizabeth II on Thursday September 8 at Balmoral on September 9, 2022 in London, England. CLICK HERE TO READ MORE ABOUT FOX BUSINESS “I will endeavor to follow the inspiring example set before me in upholding constitutional government and to pursue the peace, harmony and prosperity of the peoples of these islands and of the Commonwealth realms and territories around the world,” Charles said.
