Prince William to Sell 20% of His $1.3B Duchy

Prince William's Duchy of Cornwall plans to sell about 20% of its property portfolio, valued at $1.3 billion, over the next decade. Will Bax, the chief executive of the duchy, or domain, revealed the plans in an interview with the Times of London published Monday. William has decided that the duchy "shouldn't just exist to own land," Bax told the Times. "It should first and foremost exist to have a positive impact on the world." To that end, the proceeds will be invested in new homes, renewable energy production, and wildlife restoration projects.

The AP reports the initiative comes as Britain's royal family in general and the Duchy of Cornwall specifically are under pressure to be more transparent about their finances and to show that the monarchy provides value for money for taxpayers. The duchy, created in the 14th century to provide an income for the Prince of Wales, owns 131,393 acres of land in 19 counties across England. With an eye on consolidating its holdings, the duchy now plans to focus on five "heartlands" in the Isles of Scilly, Cornwall, Dartmoor, and the Bath area, all in southwestern England, as well as the Kennington area of London, Bax said.

Through land sales, development income, partnerships, and borrowing, the duchy will invest about $670 million in housing, renewable energy, and environmental projects, he said. The duchy's profits support the public and private life of the Prince and Princess of Wales and their three children. It reported a profit of about $30 million in the financial year ending March 31, 2025. While the current Prince of Wales is entitled to the duchy's operating profits, he cannot sell its property to benefit himself. The duchy's activities are overseen by a board of directors that is charged with protecting the assets for future generations; large property transactions must be approved by the government to ensure the long-term value of the assets.

Bax told the Times that using a portfolio of land owned in "urban fringe locations," the duchy intends to "unlock about 10,000 to 12,000 homes between now and 2040." Former Home Office minister Norman Baker, described by the BBC as "a critic of royal finances," argues the duchy will still function as a "royal fruit machine ... he pulls the handle and gets a jackpot every time ... More houses, more tenants, more income."