The Prince of Wales is reportedly planning to sell off 20 per cent of the Duchy of Cornwall over the next decade, aiming to raise £500 million. The funds are intended to address housing and environmental challenges, according to a report by The Times.
William inherited the Duchy, a portfolio of land, property and investments valued at over £1 billion, when his father became King. The estate provides the 25th Duke of Cornwall with a private income of nearly £23 million annually, which supports the charitable, private and official lives of the royal family.
The prince will consolidate his holdings around five geographic 'heartlands': the Isles of Scilly, Cornwall, Dartmoor, the Bath area and Kennington in south London. Will Bax, chief executive of the Duchy of Cornwall, told The Times that William decided the Duchy 'shouldn’t just exist to own land. It should first and foremost exist to have a positive impact on the world'.
Mr Bax said of the plan: 'If we don’t see an opportunity for positive impact, then perhaps we don’t need to be a part of that place. But where there is social need and where there is environmental challenge and where there is an opportunity to enable change, then we’ll be a great partner in working with people to achieve that.' He added that the £500 million would come from land sales, development income, partnerships and borrowing.
In March, tenants of the Duchy of Cornwall on the Bradninch estate in Devon expressed stress over plans to sell land that had been part of the Duchy for centuries. Mr Bax told The Times all 10 tenants were 'engaged in a conversation around buying their farm', and he believes the majority will do so.
