Prince William Inherits Ancient Estate Worth $1 Billion Following Death of Queen Elizabeth

While royal wills are never made public, there are long-running precedents for many of the family's most valuable assets.

Prince William has a pricey new property. 

While much about the royals' wealth remains shrouded in secrecy, financial experts have pieced together estimates of their fortunes based on well-documented accounts of their personal collections and inherited properties. And though royal wills are never made public, the changing of royal titles and transition of assets does hold a long-running precedent. 

Now, in the wake of Queen Elizabeth II's death, CNN Business reports that William -- who is now first in line to the throne, holding the formal titles of the Prince of Wales and the Duke of Cornwall and Cambridge -- inherits the private Duchy of Cornwall estate from his father, King Charles III.

Created in 1337 by King Edward III, the estate is said to be worth around £1 billion ($1.2 billion), per financial accounts from the last year. The Duchy of Cornwall encompasses a generous portfolio of land and property, including almost 140,000 acres in southwest England. 

According to its website, revenue from the estate is "used to fund the public, private and charitable activities" of the Duke of Cornwall. That title is now held by William. 

Forbes estimated last year that Queen Elizabeth's personal fortune was worth $500 million, encompassing her jewels, art collection, investments and two residences -- Balmoral Castle in Scotland and Sandringham House in Norfolk, both of which she inherited from her father, King George VI. 

Properties make up the lion's share of royal wealth, with the family assets totaling at least £18 billion ($21 billion). As the reigning monarch, King Charles is now the keeper of the Crown Estate, valued at  £16.5 billion ($19 billion). However, he is required to hand over all estate profits to the government in exchange for a portion -- dubbed the Sovereign Grant, used primarily to pay staff and maintain the properties -- as part of an arrangement dating back to 1760.

King Charles is also now the keeper of the Duchy of Lancaster estate, which dates back to 1265 and was most recently valued at about £653 million ($764 million), CNN reports. Unlike the Crown Estate, both duchies are considered private estates on which Charles and William are not required to pay taxes or give any details beyond reporting their income. CNN notes that both duchies have voluntarily paid income tax since 1993.

Meanwhile, the Institute for Government website states that the King may only spend the Sovereign Grant money on royal duties and that neither he nor his heir are allowed to benefit from the sale of assets in their duchies. Any profit from said sales would be reinvested back into the estate.

Remembrances are well underway for the late Queen, whose coffin arrived at Buckingham Palace on Tuesday. 

According to the queen's official funeral plans announced over the weekend, the coffin on Wednesday afternoon will be borne in procession on a Gun Carriage of the King's Troop Royal Horse Artillery from Buckingham Palace to the Palace of Westminster, where the queen will Lie-in-State in Westminster Hall until the morning of the State Funeral. The procession will travel via Queen’s Gardens, The Mall, Horse Guards and Horse Guards Arch, Whitehall, Parliament Street, Parliament Square and New Palace Yard.

After the coffin arrives at Westminster Hall, the Archbishop of Canterbury will conduct a short service assisted by The Very Reverend Dr David Hoyle, Dean of Westminster, and attended by the king and members of the royal family, after which the Lying-in-State will begin. The state funeral's slated for Sept. 19.

For more on Her Majesty's death, and Queen Elizabeth II's funeral check out ET's ongoing coverage.