The Duchy of Cornwall, with 52 acres of land and assets, changes hands
Prince of Wales, Duke of Cambridge and, economically more important, 25th Earl of Cornwall. Guillermo agreed to the Duchy of Cornwall (County of Cornwall) the moment his grandmother, Elizabeth II, died and the British crown fell on the head of his father, now Charles III. At the age of 40, he inherited assets worth more than a billion euros, making him one of the largest landowners in the UK.
The Duchy of Cornwall was founded in 1337 by King Edward III to guarantee economic independence to his firstborn descendant, the so-called ‘Black Prince’. A royal edict transferred ownership to the eldest son and successor of future kings. Carlos inherited it when he was 3 years old, took full control of the management and benefits when he turned 21, and lost the title to his heir this week. He was the longest-lived Duke of Cornwall in these seven centuries.
Carlos now passes on to his eldest son an empire of rural and urban land, homes and businesses, real estate and tourism businesses, with a net worth of 1,005 million pounds (about 1,150 million euros at the exchange rate) and a surplus of 26 million euros , recorded in the 2022 income statement. It is the income that will enable the Duke of Cambridge for the first time to support his family – his wife Catalina and the three children, Jorge, Carlota and Luis – without being dependent on the regular grant he receives to date from the former Prince of Wales.
The tentacles of the duchy extend over twenty counties, mainly in the south west of England. They cover forests, farms, rivers, quarries, the coastline and much of the Isles of Scilly off Cornwall. And they own institutions of all kinds, such as Dartmoor Prison, on land in the national park of the same name, or the Oval cricket stadium in London. Among the own companies that have successfully survived the pandemic crisis, some greenhouses and holiday homes, which are marketed under the Duchy brand, stand out.
Under the regency of the current king, projects based on his philosophical pillars in architecture, environment and organic farming were promoted. Managing this private universe in a “sustainable, financially viable” manner and which provides “significant value to the local community” is thus in line with the guide imposed by the outgoing Duke. In accordance with its principles, the annual financial results table is supplemented by the publication of a report focusing on carbon emissions. According to the latest evaluation, the operational carbon footprint has been reduced by 76% compared to 1990.
No problems were dared in the transfer of the duties of the duchy to William. Advisers to the prince attended board meetings to familiarize themselves with the affairs of the duchy, revenue collection, project developments and investments. It remains to be seen whether the new ‘owner’ will follow the example of his father, who has built up a reputation in recent decades as a directly involved manager, who maintains contact with his tenants and is affectionately referred to as ‘the boss’ by employees.
Carlos leaves the state of Cornwall with a staff of 150 people, spread across seven offices, from London to Scilly. There is also an administrative headquarters at Poundbury, the model village of rural Dorset that the Duchy began planning in the late 1980s. According to a traditional master plan, homes have been built for some 3,000 people and are expected to have a total of 6,000 homes by scheduled completion in 2025.
It won’t be the only ongoing building plan William will inherit in his new role as Duke of Cornwall. The company is leading the expansion of the town of Newquay, famed 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 plan of 4,000 homes, plus schools, shops, green areas 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 now gets the chance to make his distinctive mark on a duchy known worldwide for the beautiful northern region of the same name and for a brand of biscuits, tea and other foods that are no longer under his control. This is Duchy Originals, launched by Carlos in 1992, with products exported to Spain and other countries, which were absorbed by the Waitrose supermarket chain. The transfer of production and distribution rights in the United Kingdom saved the famous brand from extinction in 2009.
Source: La Verdad
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