Mary ManleyAll materialsFollowing the death of his mother, Queen Elizabeth II, King Charles III inherited $500 million from his mum, as well as large amounts of land, castles and other regal estates, rare (stolen) jewels, a paddock and other personal property such as fine art. Likely for the King, he inherited this wealth tax-free. The King is also responsible for overseeing the Queen’s $42 billion portfolio that is held in a trust for the nation as well as for royal family successors, but which will never actually belong to the King. A majority of the portfolio comprises real estate including the $17.5 billion Crown Estate, which “owns” the Ascot Racecourse located in Berkshire and London’s Regent Street shopping area, which is a main shopping street in London’s West End made up of flagship stores.The Queen’s will, on the other hand, will be locked away for 90 years away from the prying eyes of the public, who can only guess what kind of wealth the late monarch amassed. The practice of sealing the wills of royals began in 1910. Currently there are more than 30 wills being kept in a safe in a secret location in London. The King, however, has inherited the Queen’s private estates including her castle in Balmoral, Scotland, as well as her Sandringham estate in eastern England.“Royal wills are sealed, so we can’t look to those documents for guidance. I think it’s very likely that the Queen has followed in the footsteps of her grandmother Queen Mary and her mother, Queen Elizabeth the Queen Mother, and bequeathed all of her jewelry directly to the new monarch, King Charles III. There are both historical and taxation-related benefits to this method of inheritance,” said Lauren Kiehna, writer and editor of The Court Jeweler.The King will also inherit her private collection of jewelry, art, rare stamps and any other personal property belonging to the Queen. Her collection of crowns, tiaras, and priceless jewels, however, were stolen from countries that the United Kingdom had colonized. Among the stolen jewels is the Kohinoor diamond, a massive 105-carat diamond worth $592 million, which has been worn on the crowns of queens for generations since it was first brought to Queen Victoria after what is now known as modern-day Punjab was colonized by the British in 1849.
ViralPrince William Says Queen’s Funeral Was ‘Challenging’ Reminding Him of Princess Diana’s Death15 September, 21:33 GMTQueen Victoria first wore it as a brooch, and then demanded that only her female descendants would be allowed to adorn the most expensive diamond in the world. Some Indians took to Twitter following news of the Queen’s passing to demand that the diamond be returned to their country. In 2000, Indian parliamentarians also penned a letter to Britain calling for the return of the Kohinoor.
The diamond is held in a trust belonging to the state, however, and will not go to the new King.The King’s new inheritance, according to Forbes, is estimated to be about $500 million altogether. But he won’t have to pay any inheritance tax due to a 1993 agreement with the British government that makes it so the Sovereign is “not legally liable to pay income tax, capital gains tax or inheritance tax because the relevant enactments do not apply to the Crown.” These taxes can, however, be paid voluntarily.The 73-year-old monarch also has his own wealth which he has received annually through the Duchy of Cornwall, a private estate that originated in 1337 when King Edward III wished for his son to have financial independence. A charter at the time established that the eldest surviving son of the monarch and heir to the throne would be the Duke of Cornwall. Prince William will inherit the $1.2 billion estate through the Duchy of Cornwall, and this year alone, the King earned $27 million through that same estate.The King, as Prince of Wales, was a steadfast environmentalist who used his wealth to launch ventures which produce organic farms. He owned the largest organic food brand in the U.K., as well as a nature retreat and crafts center in Transylvania that will also be passed to the heir apparent.