Prince William's new property has a cost fit for a king.
The Duke of Cornwall and Cambridge, who has inherited the title of Prince of Wales after the passing of Queen Elizabeth II on Sept. 8, has also inherited land in the family name with a hefty value.
William, 40, is now in possession of the private Duchy of Cornwall estate, which was previously in the hands of his father, King Charles III, per CNN Business. The private property, which was created in 1337, is reportedly worth about $1.2 billion.
According to the Duchy's website, the property—which funds the activities of the Prince of Wales and his family—was founded by King Edward III for his son Prince Edward. And since its creation, the Duchy's royal real estate portfolio now holds 52,449 hectares of land spanning 20 counties.
Per the Duchy, the Queen took a "keen interest" in the estate during her father, King George VI's reign and in the beginning of her own time on the throne.
In response to the news of her death, a statement was issued on the Duchy's website to reflect on Queen Elizabeth's personal involvement with the property and how her passing now marks a change for the estate.
"Together with HRH The Duke of Edinburgh, [the Queen] made a number of visits across the Duchy estate and attended Council meetings until her son, HRH The Prince of Wales came of age as Duke of Cornwall," the Sept. 9 statement read. "The passing of HM Queen Elizabeth II and the succession of HM King Charles III marks the transition of the title of the Duke of Cornwall to HRH The Duke of Cambridge. As such the estate is in safe hands."
Back in June, the Sunday Times reported that William and wife Kate Middleton were making the move to Windsor. The Prince and Princess of Wales now live in Adelaide Cottage.
And with a new home comes a new school for their children Prince George, 9, Princess Charlotte, 7, and Prince Louis, 4.
In September, the children began studies at Lambrook School in Berkshire.