The Royal family was left devastated by the news of Queen Elizabeth II's passing earlier this month, and while Her Majesty's death certainly marks a sad occasion, it's also a huge adjustment for some members, such as Charles (the new King) and his eldest son, William (the new Duke of Cornwall).
Along with his new title, the father of three has taken on the responsibilities that were formerly his father's as the next-in-line for the throne, as well as the Duchy of Cornwall estate, said to be worth $1.2 billion as of last year's financial reports.
Queen Elizabeth II and Prince William, Duke of Cambridge on the balcony of Buckingham Palace -- Oli Scarff/Getty Images
According to CNN, Prince William is now the proud owner of nearly 140,000 acres of land, mostly located in southwest England. The accompanying estate was created in 1337 by King Edward III, and it's been noted that revenue generated from the property is "used to fund the public, private and charitable activities" of the Duke of Cornwall.
As for the rest of the late Queen Elizabeth II's estimated $500M fortune, its future remains unknown as Royal wills are never shared with the public.
"[Royal wills] are hidden, so we have no idea actually what's in them and what that's worth, and that's never ever made public," Lancaster University lecturer Laura Clancy confirmed to CNN Business.
What we do know, though, is that the largest portion of the family's fortune – the $19 billion Crown Estate – belongs to King Charles III as the reigning monarch, but the profits generated aren't all his to keep.
Due to an agreement dating back to 1760, the monarch is required to hand all profits from the Crown Estate to the government, and in return, they get a cut of their own called the Sovereign Grant.
Last year, overall revenue was recorded at $361 million, of which the Queen pocketed $100 million.
Read the details of Elizabeth II's upcoming funeral here, and tap back in with HNHH later for more pop culture news updates.
[Via]
