Prince William to sell fifth of Duchy estate to fund 12,000 Homes
London: Prince William plans to sell off a fifth of the Duchy of Cornwall estate to fund affordable housing and nature projects over the next decade. The sale is expected to raise around £500 million, or $669 million, for communities across the 128,000-acre estate that spans 19 counties.
Established by King Edward III in 1337, the Duchy provides the heir to the throne with an independent income, currently about £20 million annually. The title of Duke of Cornwall and ownership of the estate automatically pass to the monarch’s eldest living son.
“We’re not the traditional landowner. We want to be more than that. There is so much good we can do,” Prince William told the London Times. “I’m trying to make sure I’m prioritizing stuff that’s going to make people’s lives, living in those areas, better.”
Duchy chief executive Will Baxter said the estate “should exist to make a positive impact, particularly in the communities where we can make the biggest difference.” The Times reported that land earmarked for sale includes property in Bath, Cornwall, Dartmoor, the Isles of Scilly, and Kennington in south London.
Early estimates suggest the move could deliver 12,000 housing units by 2040. About one-third are expected to be affordable for the lowest income brackets.
