Prince William's Duchy of Cornwall to sell 20% of property portfolio to fund housing, green projects

LONDON (AP) — Prince William's Duchy of Cornwall plans to sell about 20% of its 1 billion pound ($1.3 billion) property portfolio over the next decade to consolidate its holdings and finance plans to build thousands of homes, expand renewable energy production and pursue wildlife restoration projects. 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. William has decided that the duchy "shouldn't just exist to own land," Bax told the Times. "It should first and foremost exist to have a positive impact on the world." The initiative comes as Britain's royal family in general and the Duchy of Cornwall specifically are under pressure to be more transparent about their finances and to show that the monarchy provides value for money for taxpayers. The duchy, created in the 14th century to provide an income for the Prince of Wales, owns 52,173 hectares (131,393 acres) of land in 19 counties across England. The duchy now plans to focus on five "heartlands" in the Isles of Scilly, Cornwall, Dartmoor and the Bath area, all in southwestern England, as well as the Kennington area of London, Bax said. 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.