Prince William Inherited a $1 Billion Estate: See Photos

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

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

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

Highgrove (David Goddard/Getty Images)

William now has the rights to the estate and the title thanks to a charter that states the eldest surviving son of the current monarch will have ownership of the property and can also draw up rules for how funds generated from the estate’s businesses will be allocated.

The estate is around 685 years old and takes up about 128,000 acres made of mostly farmland that spans over 23 countries, established by King Edward III in the 1330s. The Duchy also oversees an Oval cricket ground (in central London), Dartmoor prison and many commercial and investment properties as well as residential and rental homes. Most of the property that the estate owns is rented out.

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

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

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