William has now become the heir and 25th Duke of Cornwall, as well as the title of Prince of Wales. He will automatically inherit the Duchy of Cornwall, which has been a stream of income for the man who is now King Charles for more than 50 years. This also makes Prince William one of the largest landowners in the UK, as the estate consists of 52,000 hectares (128,000 acres). The land of the Duchy of Cornwall is not all in Cornwall, despite the name. It actually spans 20 different counties, including Devon, Kent, Dorset, Carmarthenshire and Nottinghamshire. Including commercial properties, forests, rivers and coasts, as well as farmland, the Duchy of Cornwall comprises many different types of land. It even owns a third of Dartmoor National Park, including Dartmoor Prison. The Oval cricket ground in south London, which has been leased by Surrey County Cricket Club since 1874, is also among his holdings, as is a garden center at Lostwithiel in Cornwall. Jean from the estate of the Duchy of Cornwall (PA) Waitrose shoppers may also have spotted Duchy Organic products on the shelves. From vegetables to cheeses and preserves to cereals, Duchy Organic is the UK’s largest organic food and drink brand. The brand was founded more than 30 years ago but now operates separately from the Duchy of Cornwall after facing financial difficulties during the financial crisis. The duchy’s net assets were worth £1bn when all were valued at the end of March this year. Most of this came from real estate investments. The duchy can be traced back some 700 years to when, in 1337, Edward III established a private estate giving independence to his son and heir, Prince Edward. At the time, a charter decreed that the eldest surviving son of any future monarch would always take the title of Duke of Cornwall. New King Charles III, who technically became heir to the throne at the age of three, is the longest-serving Duke of Cornwall. He took over the management of the estate and began receiving its full income at the age of 21, so in 2019 he completed 50 years of management. According to the duchy’s website, the estate’s income was used to fund Charles’ “public, private and charitable activities.” The duchy owns a third of Dartmoor (Getty Images/iStockphoto) It adds that Charles has ensured the estate is managed in a way that is “sustainable, financially viable and of significant value to the local community”. For example, he created the village of Poundbury on duchy land. It is a model village near Dorchester in Dorset and has now provided homes for over 3,000 people. The responsibility will now pass to William to decide how to manage the estate and what further developments to plan. It proved lucrative for now-King Charles, with the duchy paying him an income of £21m for the year ending March 2022, according to its annual accounts. Charles chose to pay the top rate of income tax, 45 percent, on his earnings after deducting official expenses. That totaled £23m in the last year, and there will be questions about whether William decides to do the same. There are many decisions that come with the title. For example, the owner of the Cornish tin mine used for the filming of the BBC’s Poldark has just criticized the estate for taking legal action against him for unpaid rent for the mine’s underground passages. The duchy owns the mining rights to the mine. The new Prince of Wales will have a lot to negotiate taking over the dukedom.
