Prince William to sell part of property portfolio
· Toronto Sun
Prince William’s Duchy of Cornwall , an estate that provides the Prince of Wales an income of over $36 million a year, will sell off 20% of its $1.3-billion property portfolio over the next 10 years.
The move aims to consolidate the holdings and invest in local communities, affordable housing and environmental projects, according to the Times of London .
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The vast property portfolio includes 128,000 acres across 19 countries and exists to create income for the heir to the throne. But Prince William wants to use the money for socially conscious endeavours.
William: ‘So much we can do’
“We’re not the traditional landowner … we want to be more than that. There is so much good we can do. I’m trying to make sure I’m prioritising stuff that’s going to make people’s lives, living in those areas, better,” said Prince William.
But royal finances critic Norman Baker told the BBC that the move might actually make the prince more money. “More houses, more tenants, more income,” Baker said.
A long income generator
The Duchy of Cornwall was established in 1337 by King Edward III and is run by the Prince of Wales. He voluntarily pays tax on income drawn from the fund, but now plans to use the money to help create rural jobs and support renewable energy. One particular project aims to build solar panels on rooftops in southwest England to generate enough power to supply 40,000 homes. Other funds will be earmarked to develop biodiversity on estates the Duchy owns.
Sensitive time for royals
The Royal Family is facing calls for more openness and transparency, particularly on its finances and especially in the wake of Andrew Mountbatten-Windsor’s recent scandals .