The Duchy of Cornwall, with 52 hectares of land and business assets, changes hands
Prince of Wales, Duke of Cambridge and, more economically important, 25th Earl of Cornwall. Guillermo acceded to the Duchy of Cornwall (County of Cornwall) at the moment in which his grandmother, Elizabeth II, died, and the British crown fell on the head of his father, the now Charles III. He inherited, at the age of 40, an estate valued at over one billion euros, which places him among the largest landowners in the United Kingdom.
The Duchy of Cornwall was founded in 1337 by King Edward III to guarantee economic independence to his first-born descendant, the so-called ‘black prince’. A royal edict ensured the transfer of ownership to the eldest son and successor of future kings. Carlos inherited it when he was 3 years old, took full charge of the management and benefits when he turned 21, and lost the title this week to his heir. He was the longest-lived Duke of Cornwall in these seven centuries.
Carlos now transfers to his eldest son an empire of rural and urban land, homes and businesses, real estate and tourism businesses, with a net value of 1,005 million pounds (about 1,150 million euros at the exchange rate) and a surplus of 26 million euros, recorded in the income statements of 2022. It is income that for the first time will allow the Duke of Cambridge to support his family – his wife Catalina and the three children, Jorge, Carlota and Luis – without depending on the regular subsidy he receives to date of the former Prince of Wales.
The tentacles of the dukedom stretch across twenty counties, located mostly in the south-west of England. They cover forests, farms, rivers, quarries, the coastline and much of the Scilly Isles, off Cornwall. And they own institutions of a diverse nature, such as the Dartmoor prison, on land in the national park of the same name, or the Oval cricket stadium in London. Among the own businesses that have successfully survived the pandemic crisis, some plant greenhouses and vacation homes stand out, which are marketed under the Duchy brand.
Under the regency of the now king, projects based on its philosophical pillars in the architectural, environmental and organic agriculture fields were promoted. Hence, managing this private universe in a “sustainable, financially viable” way and that provides “significant value to the local community” conforms to the guide imposed by the outgoing duke. In line with its principles, the table of annual financial results is complemented by the publication of a report focused on carbon emissions. The operational carbon footprint has been reduced by 76% compared to 1990, according to the latest evaluation.
Reputation
No problems are ventured in the transfer of the operations of the dukedom to William. Advisors to the prince have attended meetings of the board of directors in order to familiarize themselves with the Duchy firm’s business, revenue collection, project developments and investments. It remains to be seen whether the new ‘owner’ will follow the example of his father, who over the decades earned a reputation as a directly involved manager, who established contacts with his tenants and was affectionately called by employees ” the boss”.
Carlos leaves the State of Cornwall with a staff of 150 people spread across seven offices, from London to Scilly. There is also administrative headquarters in Poundbury, the model village in rural Dorset, which the dukedom began planning in the late 1980s. Following a traditional base master plan, housing has been built for some 3,000 people and is projected to house a total of 6,000 by the time of its scheduled completion in 2025.
It will not be the only architectural plan in progress that William inherits in his new role as Duke of Cornwall. The firm directs the extension of the city of Newquay, famous for its surfing beaches and music festivals, from an ambitious residential and urban complex. It has the municipal approval to build the first phase of a long-term scheme of 4,000 homes, plus schools, shops, green and recreational areas of the future urbanization designed by the architects of the Prince’s Foundation, of the network of charities founded by the former Prince of Wales.
His successor will now have the opportunity to put his distinctive stamp on a dukedom that is known worldwide for the beautiful northern region of the same name and for a brand of biscuits, teas and other foods that is no longer under his control. This is Duchy Originals, launched by Carlos in 1992, and with products exported to Spain and other countries, which was absorbed by the Waitrose supermarket chain. The transfer of manufacturing and distribution rights in the United Kingdom saved the famous brand from extinction in 2009.
#Prince #William #inherits #wealth #billion #euros