King Charles III has a real estate portfolio fit for a king.
The king’s coronation is Saturday, and his real estate includes farms, warehouses and office space, The Wall Street Journal reports. BTW, he doesn’t have to pay estate tax on it.
It is difficult to determine the king’s overall wealth because such information is closely guarded. However, the vast majority of the Sovereign’s wealth comes from two portfolios, the Crown Estate and the Duchy of Lancaster. From 2012 to 2022, annual disbursements from the funds — which rose during the recent boom — rose more than 50 percent to $135 million, the outlet reported.
Reportedly worth £15.6 billion, the Crown estate has almost 200,000 acres of land in the UK and is divided into four separate units: London, District, Ocean and Windsor and Countryside, united star report.
The marine portion is worth £5 billion and covers the entire seabed around the UK, stretching 12 miles. CoStar says its profitability stems from its rights to control vital economic activities such as oil and gas pipelines, fishing, offshore wind and telecommunications.
The London segment owns 10 million square feet of property in London, including a selection of luxury retail space along Regent Street, valued at around £7 billion.
The regional business is worth £1.7bn by 2022 and includes office parks, warehouses and mixed-use developments across the UK.
The country and Windsor segment includes about 200,000 acres of country estates – including the Windsor estate – and Ascot racecourse, CoStar said.
Meanwhile, a second portfolio is the Duchy of Lancaster, consisting of farmland and other select London properties, the Wall Street Journal said.
“Prime real estate has done well over the past 10 years,” Crown Estate CEO Dan Labbad told The Wall Street Journal.
Other real estate assets – namely at least seven palaces, ten castles, a dozen houses, 56 cottages and 14 monuments – are controlled by the Crown Estate, the Duchy of Lancaster and the Duchy of Cornwall. These include Buckingham Palace and Kew Palace, insider report.
— Ted Glazer
