The estate covers more than 28,000 acres across England and Wales and includes commercial properties, homes, forests, rivers and coastline, including The Oval cricket ground in south London, Dartmoor prison and the mineral rights of a tin mine in Cornwall., a housing estate in Dorchester, Dorset, that was built on Charles's principles of architecture and urban planning. It is home to about 3,800 people in a mix of private and public housing.
The property portfolio has been a source of income for Charles since he inherited it at the age of 21 and it generated more than $24m last year, according to The Guardian. Charles paid income tax of 45% on the estate's revenues, according to its annual reports, which amounted to over $26m, per the report. He was not liable for paying tax as the duchy is not a registered company, but King Charles voluntarily did so.
The Duchy of Cornwall was established in 1337 as a private estate by Edward III and a charter ruled that the eldest surviving son of the monarch would become the Duke of Cornwall and subsequently inherit the estate. Revenue from the estate was used to fund the King's"public, private and charitable activities", its websiteThe charter outlined a set of rules, including that the Prince of Wales is not entitled to its proceeds or profit on the sale of assets, which is still followed today. William is only allowed to receive annual income that the assets generate. Sign up for notifications from Insider! Stay up to date with what you want to know.
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