[Diggers350] CHEAT! King Charles, controls £16bn Crown Estate, hides wealth, Is No 8, not 238! Kevin Cahill ex-Rich List

[Tony Gosling]

King Charles’ Crown Estate is worth approximately 
£16 billion and through profit and control should 
be considered his personal asset

<https://tlio.org.uk/king-charles-crown-estate-is-worth-16-billion/>18 
May 2025 <https://tlio.org.uk/author/tony/>Tony 
Gosling<https://tlio.org.uk/king-charles-crown-estate-is-worth-16-billion/#respond>Leave 
a comment


How and When King Charles’s Real Estate Was 
Assembled – Monarch Inherits a £15.6 Billion Commercial Portfolio
Kevin Cahill on Rich List 2025. From 8 to 238, 
how King Charles Hides his wealth
https://www.youtube.com/watch?v=74spQIZ-eD4


By Paul Norman, Julia Lee CoStar News 5 May 2023

<https://www.costar.com/article/1757681178/coronation-special-how-and-when-king-charless-real-estate-was-assembled>https://www.costar.com/article/1757681178/coronation-special-how-and-when-king-charless-real-estate-was-assembled

As much of the United Kingdom celebrates the 
coronation of King Charles III, his attitude 
towards the 15.6 billion Crown Estate portfolio 
he inherits as the reigning monarch will be crucial.

Emacs!


Tracking just how and when the monarchy assembled 
the most sparkling jewels in the portfolio, which 
also includes a glittering array of famous 
residences and monuments, sheds a modern light on 
the country’s history and expectations about what its property should deliver.

The Crown Estate essentially dates from 1066, 
when William, Duke of Normandy, claimed the 
English throne and invaded from what is now 
Northern France. Land across the country formally 
transferred as part of the “Norman Conquest” to 
William the Conqueror “in right of The Crown” due 
to his so called “right of conquest” as the new King.

By 1086, the King had famously commissioned the 
Domesday Book to quantify all the land in his 
kingdom who owned it, who lived there, and how 
much the land was worth and therefore how much 
tax he could charge. In essence, the King had 
become the first real estate valuer and the 
inventor of the precursor to the dreaded business 
rates as paid by almost every commercial property 
owner in the country. That underlying ownership 
of the Crown remains to this day because there 
“remains a presumption in favour of the Crown” 
unless it can be proved that land belongs to someone else

The Sovereign’s estates have always been used to 
raise revenue for wars and other strategems, and 
over time large areas have been given away as a 
method for the monarch to reward or punish 
subjects, shore up power bases or simply on a 
whim. The latter has prompted some of English 
history’s most chaotic periods Edward II’s 
decision to give most of Cornwall to his 
favourite Piers Gaveston still sticks in the craw 700 years later.

Land retained by William the Conqueror and his 
successors was divided into royal manors, each 
managed separately by a seneschal a governor or 
administrative officer and the period between the 
reigns of William I and Queen Anne was one of 
almost constant disposal of lands to an in-vogue 
courtier or to shore up support.

null (Getty Images) Edward I’s castles still dot 
the Welsh landscape. (Getty Images)

Throughout this time there were famous land 
grabbers and equally famous land losers. Edward I 
extended his possessions into Wales with a 
massive and still visible castle building 
programme, while James (VI of Scotland and I of 
England) had his own Crown lands in Scotland 
which were combined with the Crown lands of 
England and Wales when he took on the top job in England.

The estate fluctuated massively in size and value 
for centuries, but by 1760, when George III of 
American Independence fame acceded to the throne, 
it had been reduced to a relatively small size 
producing nowhere near the income the King required to stay above water.

By that time taxes had become the principal 
source of revenue for Parliament as it 
administered the country and an agreement was 
reached that the Crown lands would be managed on 
behalf of the government and any surplus revenue 
would go to the Treasury. In return the King 
received a fixed annual payment, until recently 
known as the Civil List. This agreement has been 
signed up to by every succeeding Sovereign. Crown 
lands in Scotland were included in the arrangement from 1832.

In 1955 a Government Committee recommended that 
to avoid confusion between government property 
and Crown land, the latter should be renamed the 
Crown Estate and should be managed by an independent board.

The estate is managed by a Board who “maintain 
and enhance the value of the estate and the 
return obtained from it” as their duty. The 
estate is an independent commercial business with 
the monarch owning the land it manages as long as he or she is on the throne.

So how much revenue does it produce? Over the 
decade to 2021, the estate had, according to the 
government’s website, contributed 2.6 billion to 
the public purse, although the Crown estimates 
the figure at 3 billion. In the 10 years prior to 
that, from 2002 to 2012, it generated 2 billion, 
according to Crown Estate filings.

For the most recent financial year of 2021-22, it 
made a net revenue profit of 312.7 million, 43.4 
million higher than the prior year and ahead of 
its agreed target of 269 million as it bounced 
back from a difficult lockdown period, but still below pre-pandemic levels.

So what exactly does the Crown Estate own and how 
did its most famous addresses come into its possession?

The Crown has in recent years been reorganising 
itself into a single group business with four 
strategic business units London, Regional, Marine, and Windsor and Rural.

AERIAL, TOP DOWN: Flying above a large blue pond 
full of wild salmon in the middle of the ocean. 
Spectacular aerial view of countless fish jumping 
out of water underneath a net covering a farming 
pool (Getty Images/iStockphoto) The King owns the 
coastline and all the seabed to 12 nautical 
miles, including the rights to farm fish. (Getty Images/iStockphoto)

Marine Business

In recent times the Crown’s financial results 
have been massively boosted by the strength of 
its highly profitable marine portfolio. That 
increased in value by 22% to 5 billion in its most recent reported year.

It owns virtually all the seabed around the 
United Kingdom out to 12 nautical miles (the 
territorial sea limit), and controls who can 
operate in much of this space by awarding the 
rights to operate on the seabed via leases. It is 
an increasingly important and valuable role as it 
is responsible for allowing activities including 
oil and gas pipelines, marine aggregate 
extraction, fish farming, and telecommunications 
and power cables. The growth of offshore wind is driving significant revenues.

How does the Monarch own it?

The King’s ownership of the British coastline by 
convention goes all the way back to William the 
Conqueror. But there was no formal legislation 
declaring ownership until relatively recently, 
prompted by the discovery of North Sea oil and 
gas which led to the boundary-setting 1964 Continental Shelf Act.

The ownership of oil and gas on land and at sea 
rests with the Crown, but since 1934 the 
government has been in control of royalties and 
assigning drilling rights. In a highly lucrative 
intervention though, the Crown Estate was given 
the right to collect royalties from wind and wave 
power by the Labour government’s 2004 Energy Act.
The Crown Estate owns the land under the 
distinctive department store, Liberty’s. (CoStar)

London Business

The London estate comprises 10 million square 
foot of mixed-use central London property, 
primarily around Regent Street and St Jamess in 
the West End. Queen Elizabeth II’s reign saw 
radical changes in how the Crown manages its core 
London portfolio as it has wrestled with how to 
make Regent Street and the West End a cleaner, 
greener and more accessible destination.

Last year, the value of its London portfolio 
remained flat at 7.7 billion, which reflected, 
the Crown said, improved trading conditions 
compared with preceding years battered by the pandemic.

Regent Street

The most famous address in the portfolio is 
Regent Street, with the Crown owning the vast 
majority of its entire mile-and-a-half length 
that splices through the centre of London’s West 
End shopping and leisure district via its curved 
Grade II listed facades, some of the most impressive architecture in the city.

The street was built in 1819 and named after the 
then Prince Regent, later George IV, under the 
direction of architect John Nash. It is now 
best-known for its flagship retail stores, 
including Liberty, Hamleys and the Apple store, 
but it came into being as one of the first 
examples of real town planning in the country, 
and one of the world’s first purpose-built shopping streets.

The idea was to build a thoroughfare linking 
Marylebone Park, now Regent’s Park, with the 
Prince Regent’s Carlton House. The road ran 
through Marylebone Park with a lease to the 
government for 99 years from 1811 at the end of 
which it would revert to the Crown. Regent Street 
was then redeveloped between 1895 and 1927 under 
the control of the Office of Woods, Forests and 
Land Revenues, the former Crown Estate.

By the 1970s, the street had begun to noticeably 
decline thanks to under-investment and 
competition from neighbouring areas including the 
adjoining Oxford Street and shopping centres away 
from central London such as Brent Cross. By 2002, 
as it mounted a fight back, the Crown initiated a 
major redevelopment and to fund it made the 
then-radical decision to bring in investment partners for the first time.

It began a 750 million rejuvenation aimed at 
enticing international retailers and investment 
partners. At the same time it planned to 
rebalance its investment portfolio in favour of 
more regional investment to generate returns. The 
Crown is not able to borrow, so to free up 
capital for reinvestment in the estate and 
elsewhere, it went to market with a 25% stake in 
its Regent Street properties. In 2010 it signed 
an agreement that saw it sell the stake to 
Norwegian sovereign wealth fund Norges Bank 
Investment Management for 448 million.

The acquisition was Norges’ first major 
transaction after it was allowed to invest in 
real estate, ushering in a period of substantial 
reinvestment of the country’s oil riches in 
global property. Immediately, Norges agreed to 
help the Crown fund a 200 million retail and 
leisure investment called W4 on the west side of 
Regent Street. In 2017 Norges doubled its stake 
in the 20 Air Street development with the Crown to 50%.

The Crown Estate moved its headquarters from 
Carlton House Terrace to Regent Street in 2006.
1 St James’s Square is one of the genteel 
buildings typical of the area. (CoStar)

St James’s

The Crown has extensive ownership of around 3.5 
million square feet across St James’s, a square 
mile of residential, retail and offices 
surrounded by some of the country’s most famous sights and tourist attractions.

The Crown’s involvement here dates back to Henry 
VIII, who had St James’s Palace built in the 
1530s on the site of a former leper hospital. By 
1837 Queen Victoria decided to move the royal 
family’s principal residence to Buckingham Palace 
just up the road, a site George III had bought for his wife in 1762.

With its redevelopment of Regent Street as a 
template, in 2010 the Healthcare of Ontario 
Pension Plan made its first direct real estate 
investment outside of Canada by acquiring a 50% 
100 million stake in the Crown’s St James’s Gateway,

Then in 2013, as part of it 10-year investment 
strategy for the area, it established a joint 
venture that saw Canadian real estate company 
Oxford Properties take a 50% stake in the 320 
million commercial element of its St James’s Market scheme.

The deal established a strategic partnership 
based on two 50:50 limited partnerships that each 
own 150-year leasehold interests in two blocks 
located between Regent Street and Haymarket.

Regional Business

The Crown’s regional portfolio includes prominent 
retail and leisure destinations across England, 
as well as a strategic land portfolio with large 
mixed-use development and regeneration 
opportunities. It also owns business parks, logistics and warehousing.

The value of the portfolio increased by 0.2 
billion to 1.7 billion last year, reflecting 
improved investor sentiment, and higher footfall 
and better trading at its out-of-town retail 
parks. It has said the future success of these 
holdings will depend on re-mixing and repurposing where conditions allow.

More broadly through its strategic land 
ownerships, it is reviewing the potential for 
mixed-use development. It has continued to 
progress long-term plans for 350 hectares of land 
to the east of Hemel Hempstead, to accommodate up 
to 1.75 million square feet of commercial 
alongside approximately 3,100 homes. It is also 
pushing on with massive development plans at its 
12-building Cambridge Business Park office 
campus, already home to the BBC among others. It 
is promoting plans for a further 500,000 square 
feet of offices, 500 homes and 50,000 square foot 
of shops, and community and cultural facilities.

Retail Parks

The most dramatic new investment drive in recent 
years has been into retail parks. The Crown 
Estate now owns over 5 million square feet of 
regional retail and leisure destinations across 
17 assets, with over 1.3 billion of the gross value outside of London.

Well-known destinations include Fosse Park in 
Leicester, Rushden Lakes in Northamptonshire, and 
joint ventures at Princesshay in Exeter, Westgate 
in Oxford and Crown Point in Leeds. More recently 
it has been seeking to reduce its exposure with strategic sales.

How does the Monarch own it?

As the Crown Estate looked to invest in 
rejuvenating its core London portfolio during the 
reign of Elizabeth II, it also looked to drive 
returns by building one of the largest retail 
park portfolios in the United Kingdom, often 
bringing in passive 50:50 joint venture investment partners.

In 2014 it bought the biggest asset the 
560,000-square-foot Fosse Shopping Park in 
Leicester for 345.5 million establishing a 50:50 
ownership partnership with China’s Gingko Tree 
Investment into the bargain, with the Crown 
Estate managing the asset on behalf of the partnership.

The transaction at the time brought total third 
party funds managed in joint ventures to over 1 
billion and is the largest in the Crown Estate’s history.

Its other 16 retail parks are in places such as 
Newcastle, Aintree, Nottingham, Swansea, and 
Cheshire. A notable other transaction in this 
space in 2014 was its acquisition of Princesshay 
in Exeter in a 50:50 joint venture with TH Real Estate.

The Crown did not limit this investment drive to 
retail parks, and it has a major industrial 
warehouse and distribution estate. A standout is 
Magna Park in Milton Keynes, a 
650,000-square-foot warehouse which it bought 
from Gazeley and Landsec for more than 72 million 
in 2007, just ahead of the financial crash.

ASCOT – JUNE 20: Queen Elizabeth ll and Prince 
Philip, Duke of Edinburgh arrive in an open 
carriage on the fourth day of Royal Ascot on June 
20, 2008 in Ascot, England. (Photo by Anwar 
Hussein/WireImage) (WireImage) Queen Elizabeth 
II, shown here with Prince Philip in 2008, loved 
Ascot, where the royals traditionally parade in 
carriages at the beginning of each day. (WireImage)

Windsor and Rural

The Crown looks after around 200,000 acres of 
land, including the Windsor Estate and a number 
of rural estates. As part of this the Crown also 
looks after one of Queen Elizabeth II’s favourite spots, Ascot Racecourse.

The rural portfolio of agricultural land and 
property primarily comprises tenanted arable 
working farms, includes estates such as 
Gorhambury in Hemel Hempstead and Putteridge near Luton.

Income from the portfolio is primarily derived 
from farm and residential rents, alongside 
visitor, filming and events and forestry income 
from Windsor. Last years profits increased to 18 
million, as the visitor operation at the Castle 
rebounded strongly from the pandemic.

How does the Crown own it?

The original Windsor Castle was built in the 11th 
century, after the Norman conquest of England. 
Since the time of Henry I, 1100-1135, it has been 
used by the reigning monarch and is the longest-occupied palace in Europe.

SANDRINGHAM, UNITED KINGDOM – OCTOBER 03: Aerial 
view of Queen Elizabeth II’s Country residence, 
Sandringham Hall on October 3, 2006 in 
Sandringham, England. This Jacobean Country house 
is surrounded by 20,000 acres of Norfolk 
parkland. (Photograph by David Goddard/Getty 
Images) (Getty Images) Under Queen Elizabeth II, 
the Royal Family traditionally spent Easter at Sandringham. (Getty Images)

Homes and Monuments

The Crown and other Royal estates own vast 
swathes of real estate across the United Kingdom 
including famous addresses such as Buckingham 
Palace, Holyrood Palace and the Tower of London 
as well as landmarks such as Stonehenge.

According to a recent investigation by Forbes 
these properties include at least seven palaces, 
10 castles, 12 homes, 56 holiday cottages and 14 
ancient ruins held by the Crown Estate, the Duchy 
of Lancaster and the Duchy of Cornwall in right 
of the Crown for the duration of his reign. 
Forbes reports that others are controlled by the 
monarchy itself in trust for his successors and 
the nation, while another four properties are 
held by two foundations which the King 
established when he was Prince of Wales. Forbes 
estimates all of this real estate to be worth 
around $42 billion (33.54 billion) in value with 
Buckingham Palace the most expensive at an estimated 1.3 billion.

But a number stand out as they are owned 
privately by King Charles, who is free to do with 
them as he pleases. They include Balmoral in 
Scotland and Sandringham Castle in Norfolk.

How does the Monarch own it?

Balmoral was bought in 1852 by Prince Albert as a 
gift for his wife, Queen Victoria, a huge fan of 
the Scottish Highlands. Sandringham was bought as 
a country home for Edward VII, who was then 
Prince of Wales, in 1862 by Queen Victoria.

On the abdication of Edward VIII in order to 
marry American socialite Wallis Simpson, as 
Sandringham and Balmoral Castle were the private 
property of the monarch the new King George VI, 
Elizabeth II’s father, had to buy both properties 
for 300,000 a price that caused much dispute 
between the new King and his brother.

Another privately owned asset is Highgrove House, 
a country residence in Gloucestershire which 
Prince Charles bought in 1980 for 865,000 and 
which was recently inherited by Prince William under the Duchy of Cornwall.

Other interesting assets owned by the Crown 
include the Oval cricket ground and the Savoy 
Chapel in Westminster, the private church of the 
reigning monarch. Stonehenge was given to the 
nation, and so the Crown, in 1918 by Cecil Chubb.
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