"Prince William to Sell 20% of His Estate, Invest 1 Trillion Won"

Prince William of the UK Announces Plan to Sell 20% of the Duchy of Cornwall Estate Over the Next Decade
"Funds to Be Invested in Housing, Jobs, and Renewable Energy"

Crown Prince William, the eldest son of King Charles III of the United Kingdom, has announced plans to sell off part of his private estate.

Prince William, the eldest son of King Charles III of the United Kingdom. Photo by AP Yonghap News Agency

On May 18 (local time), Yonhap News, citing the British daily The Times, reported that Prince William had unveiled a plan to dispose of 20% of the Duchy of Cornwall's real estate holdings, his private estate, over the next decade.

The Duchy of Cornwall spans 53,000 hectares, generating an annual income of 20 million pounds (approximately 40 billion won) for Prince William. The entire estate is valued at 1.1 billion pounds (approximately 2.2 trillion won). The prince intends to raise 500 million pounds (about 1 trillion won) through real estate sales proceeds, development income, partnerships, and borrowing. These funds will be invested in housing supply, regional job creation, expansion of renewable energy, wetland restoration, and enhancement of biodiversity.

Going forward, the Duchy announced it will focus its business activities on five key hubs: the Isles of Scilly, Cornwall, Dartmoor, the Bath area, and Kennington in London, all located in the southwest of England. Centered around these hubs, the Duchy aims to encourage the supply of 10,000 to 12,000 new homes by 2040. Additionally, a target has been set to produce 100 megawatts (MW) of renewable energy over the next 10 years, enough to power up to 100,000 households.

Since its founding in the 14th century, the Duchy of Cornwall has been held by the heir apparent to the British throne, along with the title of Duke. King Charles III owned the estate during his time as Crown Prince and transferred it to Prince William upon his accession to the throne in 2022. The Duchy's profits support the official and private life of Prince William, Princess Kate, and their three children. For the fiscal year ending in March 2025, the Duchy's net profit reached 22.9 million pounds (about 4.44 billion won).

However, while the prince can benefit from the Duchy's operational profits, converting estate sales directly into personal gain is not permitted. Large-scale real estate transactions must receive government approval to protect the long-term value of the assets.

The Duchy of Cornwall, where Prince William also holds the title of Duke. Official website

Meanwhile, there have been ongoing criticisms that the royal family monopolizes significant profits through the management of private lands, with growing calls for greater transparency and the social return of these profits. Previously, controversy arose when it was revealed that the Duchy was receiving an annual 1.5 million pounds (about 3 billion won) in rent from the government for the Dartmoor prison site, which is effectively unusable due to radon gas issues in its aging Victorian-era buildings.

Will Becks, CEO overseeing the Duchy, stated, "The prince believes this land should not merely be owned, but should have a positive impact on the world," adding, "It is especially important to make a difference in communities where the impact can be greatest."

This content was produced with the assistance of AI translation services.