King Charles III is expected to pay his son Prince William up to £700,000 a year in rent for his Highgrove estate, following William’s inheritance of the Duchy of Cornwall, it has been revealed.
In becoming the new Prince of Wales, William, 40, has gained control of the Duchy and its £345 million property portfolio along with it, which includes his father’s favoured Gloucestershire home.
Charles, 73, retreated to Highgrove the day after his mother Queen Elizabeth II died on September 8, and has openly adored the property since it was purchased by the Duchy in 1980.
The Duchy marks the territory of land owned by a Duke or Duchess and is passed onto the eldest son of the leading British monarch.
Following this tradition, William has become the biggest private landowner in the country, as the Duchy owns 128,000 acres of land, and now Charles is expected to pay a hefty fee for the lease he signed on Highgrove house under the Duchy.
A source told The Sun: “The King has a long lease and pays rent on Highgrove House and surrounding land.”
The Duchy received a £21 million income last year and owns the majority of the Scilly Islands and rocks off the Cornish coast, the freehold of Dartmoor prison, and the Oval cricket ground in South London.
Charles’ beloved Highgrove home is among these properties in the Duchy portfolio and is a short drive away from his wife Camilla, Queen Consort’s home Ray Mill House in Reybridge near Lacock, Wiltshire.
The estate is certainly fit for a King, boasting nine bedrooms and six bathrooms, with stunning interiors designed by the late home decorator Robert Kime.
Charles visited his Highgrove home with his ex wife Princess Diana many times at the weekends, up until their separation in 1992.
Currently, King Charles is expected to reside at Buckingham Palace in designated living quarters as the £369million renovations at the grounds continue.
The new reigning monarch owns several properties himself, having taken on Sandringham in Norfolk following the Queen’s death, and owns a cottage in Wales and property in Romania.
Charles also purchased the Dumfries House in Ayrshire with his charity The Prince’s Foundation back in 2007, and inherited the Castle of Mev in Northern Scotland from the Queen Mother.
Despite owning all these properties, it is thought that Charles is attached most to his Highgrove home still, after all these years.
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