Prince William's Duchy of Cornwall has announced plans to sell approximately 20% of its £1 billion ($1.3 billion) property portfolio over the next decade. The move is designed to consolidate the Duchy's holdings and generate funds for building thousands of homes, expanding renewable energy production, and pursuing wildlife restoration projects.
Will Bax, the chief executive of the Duchy, revealed the strategy in an interview with the Times of London, published on Monday. The plans align with the Duchy's previously stated goal of streamlining its far-flung assets and reinvesting the proceeds into environmental and social initiatives, as outlined in its most recent annual report.
Prince William has determined 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.'
The initiative comes amid growing scrutiny of the British royal family's finances, with the Duchy of Cornwall facing pressure to demonstrate greater transparency and value for taxpayers. The Duchy, established in the 14th century to provide income for the Prince of Wales, currently owns 52,173 hectares (131,393 acres) of land across 19 counties in England.
Under the new plan, the Duchy will concentrate on five 'heartlands': the Isles of Scilly, Cornwall, Dartmoor, the Bath area (all in southwestern England), and the Kennington area of London. Land sales are expected to generate around £500 million for investment in housing, renewable energy, and environmental projects, Bax explained.
The Duchy's profits support the public and private life of the Prince and Princess of Wales and their three children. In the financial year ending March 31, 2025, the Duchy reported a profit of £22.9 million. While the current Prince of Wales is entitled to the Duchy's operating profits, he cannot sell its property for personal gain. The Duchy's activities are overseen by a board of directors responsible for preserving the assets for future generations, and large property transactions require government approval to ensure long-term value.
