Prince William’s plan to shake up his property empire points the way to a slimmed-down monarchy more in tune with public opinion and with fewer “hangers-on”, like his cousins Beatrice and Eugenie, royal experts told The i Paper.
The Duchy of Cornwall is selling one-fifth of its land and investing £500m in housing and environmental projects over the next decade, after the prince decided the private estate “shouldn’t just exist to own land”.
Some experts believe it shows William is shrewd about adapting archaic royal finances to the modern world.
But cynics say William’s reforms amount to a money-making exercise. Describing the Duchy as a “royal fruit machine”, they argue that the prince will be keen to preserve current financial arrangements on behalf of the Royal Family.
It comes as MPs prepare to debate the future of the taxpayer-funded Sovereign Grant and scrutinise royal housing following outrage over Andrew Mountbatten-Windsor’s cosy living arrangements.
Duchy responds to outcry over rents
The Duchy of Cornwall provides income to the heir to the throne. It describes itself as a “private estate with a commercial imperative”, owning £1.1bn worth of assets – including 52,000 hectares of land.
The Duchy made £34.8m in rents and other property fees last year, accounts show.
William enjoyed his own “distributable surplus” revenue of £22.9m last year – money from Duchy operations that he can use for his household and charitable activities as he sees fit.
In 2024, a Sunday Times and Dispatches investigation revealed that the Duchy was making huge sums from rents charged to grassroots groups and public bodies, including the army and navy.
Following criticism, the estate stopped imposing charges on community properties like lifeboat stations, fire services and school playing fields.
Announcing the land sale plans last month, Duchy chief executive Will Bax said the prince had decided the Duchy “shouldn’t just exist to own land” but “to have a positive impact on the world”.
‘Angst and worry’ over land sell-off
The Duchy of Cornwall’s land sell-off is causing anxiety among some tenant farmers.
George Dunn, chief executive Tenant Farmers Association (TFA), told The i Paper it is aware of 20 to 30 farmers across Devon, Cornwall, Herefordshire and Nottinghamshire using land that the Duchy plans to sell.
William visits Duchy Of Cornwall nursery in Lostwithiel in 2023 (Photo: Hugh Hastings /WPA Pool/Getty)Some of the tenant farmers are “glad” they will get first option to buy the land, said Dunn.
It’s not clear how much they would have to pay, but Dunn said the estate has suggested offering healthy discounts on market rates, which farmers appreciated.
But the TFA is “concerned” about those who will struggle to afford their plots.
“We’re disappointed [about the sell-off] because the Duchy has been a very good landlord, with secure, long-term tenancy agreements,” added Dunn. “We’re glad the Duchy is trying to be as reasonable and flexible as possible.”
Among the tenant farmers affected, ten are in the small town of Bradninch, Devon, alone.
Stephen Birley, leader of Bradninch Town Council, worries about three “treasured” assets – a football field, allotments and wetlands – that the Duchy plans to sell off.
Discussions about crowdfunding to allow the community to buy the land are under way. But the council leader said he was “sad” about the area losing a royal connection. “It has caused a considerable amount of angst and worry in the town,” he said.
Focus on the ‘first family’
The Duchy’s plan is “bold and radical – quite a dramatic change”, royal commentator Richard Fitzwilliams told The i Paper.
But William’s reforms are ultimately aimed at protecting the estate, Fitzwilliams said. “He will change some things, but ultimately, he will want a huge amount of continuity.”
William is “very conscious” of pressure to reduce the Sovereign Grant, the annual sum coming from taxpayers to fund official royal duties, according to Fitzwilliams.
“I’m sure he will be aware of demands for the Sovereign Grant to be reduced,” said Dr Martin Farr, senior lecturer in contemporary British history at Newcastle University.
Princesses Eugenie and Beatrice’s housing arrangements have come under scrutiny (Photo: Karwai Tang/WireImage)The prince is also aware that “grace and favour” housing for non-working royals Beatrice and Eugenie – whose rents at royal palaces are covered by King Charles – may be unsustainable, Fitzwilliams said.
“William will not want to continue that when he becomes King”, he said.
“In terms of working royals, the prince may want to cut things back to focus on the first family – William, Catherine and their children.”
“You don’t need so many hangers-on,” said Norman Baker, the former Liberal Democrat minister, on the size of the royal family. “Without major changes, there won’t be a slimmed-down monarchy.”
The Duchy’s plans are also a good example of its adaptability, said Farr.
William will have to continue to be adaptable when it comes to “anachronistic” arrangements regarding the royal finances so he is “in step with the public”, the historian added.
The Duchy’s charter dates back to 1337: “The current arrangements stem from the fourteenth century, and the resulting income [for the Prince of Wales] is to that extent an accident of history,” said a 2005 report by MPs Public Accounts Committee recommending a Treasury review.
Added Farr: “Andrew has unwittingly helped in making William aware how public opinion can turn. It’s imperative to get ahead of potentially damaging stories and awkward optics.”
‘Royal fruit machine’
Baker, who wrote a book examining royal finances, said the Duchy of Cornwall’s land sell-off was “superficial”, arguing that the estate would still act as a “royal fruit machine”.
New housing “will be increasing rent money for the Duchy, and therefore more money for William,” he claimed.
“So this idea of a land sell-off being downsizing is spin – it’s a money-making exercise,” he added.
It is understood that the Duchy disputes the claim of short-term gain from its plans, as William cannot benefit directly from the sale of capital assets.
Baker called for an end to special tax exemptions for the Duchy, which does not have to pay capital gains or corporation tax.
Andrew’s unpopularity has made William realise how public opinion can turn (Photo: Max Mumby/Indigo/Getty)William voluntary pays income tax on the money he gets from the Duchy. But he has not disclosed the amount, or details about how much is offset by expenses.
Labour peer Margaret Hodge called for “total transparency” on William’s tax bill and how he is using money he gets from the Duchy each year.
“The Duchy of Cornwall should also have their tax exemptions removed, because it’s not fair – there should be a level playing field,” Baroness Hodge told The i Paper.
Parliament to vote on Sovereign Grant legislation
Even if William pushes to cut the number of working royals, he faces pressure to reduce royal running costs substantially.
The Sovereign Grant hit a record £137.9m in 2026-27, though that includes extra money to pay for upgrades to Buckingham Palace. The annual grant has steadily risen from the £31m given when current arrangements were introduced in 2012-13.
Legislation to be voted on by Parliament will allow the grant to be cut in 2027-28, but only as a one-off reduction following the palace repairs.
The Treasury has indicated that it wants keep the so-called “golden ratchet” in future – a mechanism which means funding can go up but cannot come down.
William may want to cut royals down to the ‘first family’ when he becomes King (Photo: Max Mumby/Indigo/Getty)Hodge also wants Parliament to have the power to cut the Sovereign Grant each year.
“The Sovereign Grant has massively increased when the rest of us have had austerity,” she said. “If there are public expenditure cuts, there should not be immunity from those cuts for the Sovereign Grant.”
Baker and author Andrew Lownie both suggested that the Government introduce a new “royal duties grant”, which would allow MPs to vote for a smaller sum each year.
“William may want to have fewer people appearing on the [Buckingham Palace] balcony, which would be welcome,” said Baker. “But it’s not a big change. Will they reduce costs unless forced to [by Parliament]? No.”
Buckingham Palace did not respond to a request for comment.
A spokesperson for the Duchy of Cornwall said: “Our strategy is about rebalancing the Duchy so that we can focus our resources where we can have the greatest long-term impact for people, places and planet.”
“This is not about downsizing; making that investment requires a rebalancing across the state,” they said.
“Where sales are necessary, we are engaging with people directly and supporting them through that process.”
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