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3 October 2022, 17:38 | Updated: 3 October 2022, 17:56
The Prince of Wales has taken over the Duchy of Cornwall in his new Duke of Cornwall role which means his father now pays him £700,000 in rent.
As his father Charles officially stepped up to the role of monarch, William, 40, was also given new responsibilities as he becomes heir to the throne, this included the Duchy of Cornwall - a private estate crossing 20 counties.
One of two royal Duchy's, the other being Duchy of Lancaster, this portfolio has £345million worth of property, including his father, King Charles III's favourite home, Highgrove.
And as it now belongs to Prince William due to the line of succession, it would appear Charles will now pay his eldest son around £700,000 a year in rent.
Highgrove has been a home to Charles, 73, for a long time, and is considered to be one of his favourite. Plus, it's only a short drive to his wife Camilla's private home in Wiltshire.
And while it's more than likely Charles will soon be calling Buckingham Palace his new home, sources have claimed a long-term rent agreement means he will be paying his son rent for longer than he needs to.
An insider said: "The King has a long lease and pays rent on Highgrove House and surrounding land.”
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The Duchy of Cornwall, which features 128,000 acres of land including livestock farms, residential and commercial properties and forests and coastlines, pulled in a £21million income in 2021 alone.
The revenue goes towards funding public, private and charitable activities close to the royal family.
It's is also the duty of the Duke of Cornwall to make sure this estate is managed in the most sustainable way.