October 3, (THEWILL) – Prince William, the new Prince of Wales, is set to become a landlord to King Charles, his father. He will be collecting a large sum of money from the king as rent.
Since the death of Queen Elizabeth, William has taken over the Duchy of Cornwall and that means he has been given a 345 million pound property portfolio. Within that portfolio is King Charles’ Highgrove home, known to be one of his favourites.
The Duchy, which owns 128,000 acres of land and netted a 21 million pound in income last year, was passed from Charles to his son when he became king.
Which means the King, 73, now must pay up to 700,000 pounds a year to honour a long lease he signed on his favourite home.
The Duchy bought Highgrove, in Gloucestershire, in 1980 and it has since been transformed into a family home by the new King.
