The Prince of Wales is reportedly set to sell 20 per cent of the Duchy of Cornwall over the next decade, aiming to raise £500m. The huge sum has been earmarked for investing back into the country and will be used to help tackle the housing and nature crises.
The move is a significant departure from tradition, as the aristocracy has long held onto land as a source of wealth. While the Duchy has sold land before, agricultural land sales are usually a last resort in grand circles.
William's history of campaigning on homelessness is at the heart of this radical sale. His late mother took him to visit homeless shelters from a young age, and as a millennial, he understands the housing crisis affecting his generation.
He also voluntarily pays income tax, with reports suggesting he pays up to £7m a year, placing him in the top 0.002 per cent of UK taxpayers. Additionally, he pays £307,500 a year in rent for his Windsor home.
By announcing this move, William signals a bold departure from past practices and a need to modernise to stay relevant. He is aware of acute housing shortages in Cornwall, where holiday homes drive up prices but remain empty for much of the year.
Building affordable housing, as William plans, could serve as a model for other great estate-owners across the country. His father's Poundbury model, which combines housing with on-site employment, may offer a blueprint for these new communities.
