King Charles III will need to pay his son and new landlord William, the new Prince of Wales and Duchy of Cornwall, around £700,000 in rent per year.
This is for the Highgrove estate, Charles’s adored home of choice in the beautiful Gloucestershire countryside, part of the Duchy of Cornwall's £345million property portfolio.
On September 8, Highgrove was Charles’s destination of choice following the news his beloved mother the Queen had passed away,OK!reports.
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Highgrove was purchased by the duchy in the 1980s and since has been well known as the apple of the new Kings’ eye when it comes to houses.
The eldest son of the King or Queen is always earmarked to have the Duchy – which is the property owned by William and Kate – and Charles will now continue to honour a long lease he signed on Highgrove.
William, 40, and Charles, 73, have both moved up positions in the Royal Family following the death of the Late Her Majesty the Queen on September 8.
According to theSun, a source said: “The King has a long lease and pays rent on Highgrove House and surrounding land.”
The Duchy is big business – last year it took in some £21million and owns famous landmarks around the country.
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In its portfolio are the Oval Cricket Ground in Kennington, London, most of the Scilly Isles and the freehold of Dartmoor Prison.
As well as these, it also includes Highgrove, which is a short drive from the Ray Mill House in Reybridge near Lacock, Wiltshire, home of Queen consort Camilla.
Highgrove has nine bedrooms and six bathrooms but while it is certainly worthy of someone of the King’s status it is thought he will live in Buckingham Palace for the foreseeable.
In his first address to the nation on September 9, King Charles promised to commit to lifelong service to the nation, following the sad loss of his mother the day before.
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