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Prince William plans to sell approximately one-fifth of the Duchy of Cornwall. £500 million of the proceeds will be invested in housing and climate protection.
Will Bax, the chief executive of the duchy, or domain, revealed the plans in an interview with the Times of London that the newspaper published on Monday. They are in line with the duchy’s strategy of consolidating its far-flung holdings and investing the proceeds in environmental and social projects, which was announced in its most recent annual report.
Land sales will help the duchy invest about 500 million pounds in housing, renewable energy and environmental projects, he said.
The duchy’s profits support the public and private life of the Prince and Princess of Wales and their three children. It reported a profit of 22.9 million pounds in the financial year ending March 31, 2025.
While the current Prince of Wales is entitled to the duchy’s operating profits, he cannot sell its property to benefit himself. The duchy’s activities are overseen by a board of directors that is charged with protecting the assets for future generations. Large property transactions must be approved by the government to ensure the long-term value of the assets.