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Prince William now owns a prison and cricket ground after becoming one of Britain’s biggest landowners

  • Prince William inherited a property worth more than $1 billion, according to The Guardian.

  • He automatically inherited the Duchy of Cornwall estate after his father became King Charles.

  • Charles himself inherited the property at the age of 21 and generated $24 million in revenue last year.

Prince William became one of Britain’s biggest landowners after inheriting the Duchy of Cornwall, a large portfolio of land and private assets.

He also inherited the title of Prince of Wales after the Queen’s death, as well as property that was valued at more than $1 billion in March, The Guardian reported.

The estate spans over 28,000 acres in England and Wales and includes commercial properties, homes, woodlands, rivers and coastline. It includes the Oval cricket ground in south London, Dartmoor Prison and the mineral rights to a tin mine in Cornwall.

He also owns Poundbury, a housing estate in Dorchester, Dorset, which was built on Charles’ principles of architecture and town planning. It houses around 3,800 people in a mix of private and public housing.

The Oval cricket ground in south London is part of the Duchy of Cornwall.The Oval cricket ground in south London is part of the Duchy of Cornwall.

The Oval cricket ground in south London is part of the Duchy of Cornwall.Alex Davidson/Getty Images

The property portfolio has been a source of income for Charles since he inherited it at the age of 21 and generated more than $24 million last year, according to The Guardian.

Charles paid income tax of 45 percent on the property’s income, according to his annual reports, which amounted to more than $26 million, according to the report. He was not responsible for paying taxes, as the duchy is not a registered company, but King Charles did so voluntarily.

The Duchy of Cornwall was established in 1337 as a private estate by Edward III and a charter stipulated that the monarch’s eldest surviving son would become Duke of Cornwall and subsequently inherit the estate.

Income from the property was used to fund the king’s “public, private and charitable activities,” his website said.

The charter outlined a set of rules, including that the Prince of Wales is not entitled to his proceeds or profits from the sale of assets, which is still respected today. William is only allowed to receive the annual income that the assets generate.

The Duchy of Cornwall was not immediately available for comment.

Read the original article on Business Insider