Prince William is selling 20% of the Duchy of Cornwell estate to fund affordable housing and nature projects over the next decade.
Established by King Edward III in 1337, the vast private estate spans 128,000 acres across 19 counties to provide the heir to the British throne with an independent income, which today amounts to some £20 million annually.
The title of Duke of Cornwall and the ownership of the estate automatically pass to the eldest living son of the reigning monarch. The current Duke is Prince William, son of King Charles III, who expects the sale to generate half a billion sterling, or around $669 million, to spend on local communities living around that vast acreage.
“We’re not the traditional landowner… we want to be more than that. There is so much good we can do,” said Prince William to the London Times. “I’m trying to make sure I’m prioritizing stuff that’s going to make people’s lives, living in those areas, better.”
This was echoed by the Duchy’s chief executive Will Baxter, who said the estate “should exist to make a positive impact, particularly in the communities where we can make the biggest difference.”
The Times reported that the offloading seems to be currently planned for Duchy property in Bath, Cornwall, Dartmoor, the Isles of Scilly, and Kennington in south London. Early estimates are that it could lead to 12,000 housing units by 2040, about one-third of which are expected to be affordable for the lowest income brackets.
Much of the estate’s lands are in rural areas, so money and attention will be devoted to reviving rural economies and communities, as well as developing environmental value in the form of carbon storage potential in peat bogs, woodland, and wetlands.
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Both the BBC and the Times noted that criticism of royal finance has increased, particularly since the scandal involving Prince Andrew, and has led to the first review of royal property financing since 2012. It is expected to see a reduction.
Prince William was voted the most popular member of the British monarchy back in 2017 according to a poll by YouGov, and with a magnanimous focus and gestures like this, in contrast to “plaques and patronages” must certainly contribute to that.
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