King Charles Australia visit: $26bn and counting - what's behind King Charles' mindblowing wealth
King Charles III, Australia's soon-to-tour official head of state is also one of the wealthiest people in the world. This is how.
KIng Charles' first visit to Australia in October as a reigning monarch during a housing crisis is somewhat ironic, given he is also the King of UK real estate worth more than $26 billion in bricks and mortar.
As the former Duke of Cornwall, Charles held a significant $2 billion portfolio of properties (the majority of which aren’t even in Cornwall) comprising of 53ha of land in 23 countries — from the Isles of Scilly to London cricket ground The Oval and Highgrove House in Gloucestershire.
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However, thanks to the antiquated rules of succession, that sweeping swag of real estate was handed over to William who acquired the Duchy of Cornwall tag along with the Prince of Wales title last year.
Although Charles III was required to offload the pile of property to his heir, as ‘The Crown’ he now has the keys to an even more impressive portfolio, which includes some of the world’s most famous castles.
Since the passing of Queen Elizabeth II, it’s unclear exactly how her multiple private landholdings were divvied up among her four children, but those properties owned by The Crown Estate — an independent commercial business — will be handed down to King Charles III.
Without any ‘comparable sales’ to set an estimated price guide, conservative estimates place The Crown Estate’s landholdings at least $26 billion, with the revenue from the estate worth more than $526 million a year.
While the eye-watering portfolio belongs to The Crown, and Charles can’t actually sell any of it, he could technically cash in on the $557m worth of private property he owns, which includes his mother’s favourite country retreat Balmoral Castle in the Scottish Highlands and Sandringham Estate in Norfolk which includes hundreds of rental properties.
The complicated collection of Charles III’s property portfolio is a long list, but here are the most notable names belonging to the King.
Buckingham Palace, London
Estimated value: around $7.35 billion
Arguably the world’s most famous mansion, Buckingham Palace has been the British monarch’s HQ since Queen Victoria and Prince Albert moved there in 1837.
A relatively new property in the grand scheme of royal residences, the original (and much smaller) Buckingham House came into the family when George III bought the 15ha estate in 1762 for his wife, Queen Charlotte.
It was their son, George IV, who had the home transformed into a palace with the whole renovation reportedly costing a royal £496,169.
The budget blow out was so big that PM Arthur Wellesley, the 1st Duke of Wellington, fired the government-appointed architect John Nash shortly after the King’s death.
Today’s Buckingham Palace is home to 775 rooms, including 188 staff bedrooms, 92 offices, 78 bathrooms, 52 royal and guest bedrooms, plus and 19 state rooms which are open to the public over summer. It also houses a cinema, pool, post office, police station, clinic and even a cash machine.
Windsor Castle, Berkshire
Estimated value: $850 million
The oldest and largest occupied castle in the world, Windsor Castle was founded by William the Conqueror in the 11th Century and has since been home to 40 monarchs.
Elizabeth II and her sister Princess Margaret were raised in the castle, which was considered to be her favoured London home. The late Queen would often use the castle as a weekender and St George’s Chapel on the estate was the location of Harry and Meghan’s wedding in 2018.
Sitting just outside London on 5.2ha, Windsor Castle has approximately 1000 rooms but suffered a catastrophic fire in 1992 that destroyed 115 rooms, including nine State Rooms which have since been restored.
Kensington Palace, London
Estimated value: $923 million
A vast 547-room residence encompassing numerous apartments and cottages, this London landmark was converted from a grand manor known as Nottingham House to become the iconic Kensington Palace in the late 1600s.
The birthplace of Queen Victoria, over the centuries the palace has been the private home and office space for numerous royals.
Today the Duke and Duchess of Cambridge (aka Will and Cate) live in apartment 1A, a four-storey, 20 room wing at Kensington which the Duchess is rumoured to have decorated with Ikea furniture. Apartments 8 and 9, two conjoined chambers, was the marital home of Charles and Diana in the 1980s.
St. James’s Palace, London
Estimated value: $1 billion
A significant staple in the royal real estate portfolio since it was built by Henry VIII in 1531, St James’s Palace is the landmark location where the Garter King of Arms formally announces the accession of a new king or queen after the death of a monarch.
The Chapel Royal on the grounds is the favoured spot for royal christenings including Prince George and even Meghan Markle weeks before she married Harry.
Today is it the London residence of Princess Anne, with Princesses Beatrice and Eugenie also sharing an apartment in recent years.
Clarence House, London
Estimated value: $500 million
Since King Charles III and Queen Consort Camilla married in 2005, Clarence House has been their official London home. They will continue to live there until at least 2027 while renovations to Buckingham Palace are ongoing.
Modern – and small – by royal standards, Clarence House is a five-bedroom home built between 1825 and 1827.
A favourite among royal newlyweds, Queen Elizabeth II and Prince Philip also lived at the luxury townhouse after marrying in 1947, as did William and Cate post nuptials in 2011. Clarence House was also the final home of the Queen Mother until her passing in 2002.
Hampton Court Palace, London
Estimated value: as much as $1.69 billion
A popular tourist attraction and museum since 1838, Hampton Court Palace is the former seat of the infamous Tudor dynasty, including the notorious Henry VIII.
The last monarch to actually live at the palace was King George who died in 1760.
More than 500 years old, the extraordinary architectural feat includes 1390 rooms and sits on 24ha of manicured grounds, which are home to the Hampton Court Garden Festival, a music festival and a winter ice rink each year.
Frogmore House, Berkshire
Estimated value: $4 million
One of the royals’ “overflow” properties, Frogmore House near Windsor Castle was bought by Queen Charlotte in 1792 to use as a country retreat.
Used today as an entertainment venue, the ten-bedroom Frogmore House was the location of Harry and Meghan’s wedding reception in 2018. The couple briefly lived there after marrying and dropped 2.4 million on a renovation there before heading to the US.
Today the current residents are reportedly Princess Eugenie and her husband Jack Brookshank.
Palace of Holyroodhouse, Edinburgh
Estimated value: $93 million
Although the privately owned Balmoral Castle was often referred to as Queen Elizabeth’s favourite Scottish retreat, Holyroodhouse is the official residence of the monarch in Scotland.
Originally a monastery built in the 1120s, the historic 289-room palace on more than 4ha is best known as the one-time home of Mary Queen of Scots.
Hillsborough Castle, Northern Ireland
Estimated value: more than $135 million
Northern Ireland’s only royal residence and the country’s most expensive property, Hillsborough Castle is also the official home of the Secretary of State.
The ten-bedroom Georgian mansion recently underwent a five-year 24 million refurbishment which the Queen reportedly never got to see. Under an exceptional caveat, The Crown is contracted by the Secretary to manage Hillsborough Castle.
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