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Prince William Inherited a $1 Billion Estate: See Photos

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Britain continues to mourn the death of Queen Elizabeth II as the country undergoes major political changes in the monarchy and members of the royal family shake titles and take on new responsibilities.

Most notably, Charles ascended to the throne as King Charles III. His former titles, Duke of Cornwall and Prince of Wales, passed to his son, Prince William.

With new titles, of course, come new legacies, and thanks to William’s new Duke of Cornwall crown, he will inherit the estate of the Duchy of Cornwall, valued at over $1.2 billion.

Highgrove (David Goddard/Getty Images)

William now has the rights to the estate and title thanks to a charter stating that the eldest surviving son of the current monarch will own the property and can also set rules for how the funds generated from the holdings of the estate will be allocated.

The estate is about 685 years old and covers about 128,000 hectares, mainly made of farmland spanning 23 lands, founded by King Edward III in the 1330s. also supervises an Oval cricket ground (in central London), Dartmoor prison and many commercial and investment properties as well as residential and rental properties. Most of the real estate owned by the estate is rented out.

The Oval cricket ground is owned by the Duchy. (Gareth Copley/Getty Images)

It was estimated that last year (during his role as Duke of Cornwall) Charles oversaw $23 million in revenue generated from activities on the estate, such as property rentals and farm income.

Prince William (nor King Charles III) are required to pay property taxes on their estates, but have been doing so voluntarily since 1993.

Islands of Sicily (where the Duchy owns most of the land) and Cromwell’s Castle (James Paterson/N-Photo Magazine/Future via Getty Images)

The legacy of the Duchy of Cornwall estate makes Prince William one of the greatest landowners in England.

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