Why Prince Charles 'plans to pay £700k' a year to Prince William when he becomes King

Prince Charles, Prince of Wales looks at products at Jodrell Laboratory at The Royal Botanic Gardens in Kew
(Image credit: Photo by Peter Nicholls - WPA Pool/Getty Images)

Prince Charles is reportedly set to pay £700,000 to Prince William when he takes the throne as he hopes to continue living in his stunning Gloucestershire home. 

Prince Charles and Duchess Camilla are known for their love of the countryside and spent time during the UK's lockdown in Gloucestershire. As senior members of The Firm, the Prince of Wales and Duchess of Cornwall have multiple royal homes and currently split their time between Highgrove House and their London residence, Clarence House. Now reports have suggested that Charles, who is first in line to the throne, is keen to ensure that Highgrove remains the family home in the years to come.

According to the Mail on Sunday, Charles is expected to keep Highgrove as such after he ascends to the throne. This stunning country property is owned by the Duchy of Cornwall, which Prince William will inherit when his father is crowned King.

A general view of the gardens at Highgrove House on June 5, 2013 in Tetbury, England

In effect, it’s thought that this would make William his father's landlord, with the publication alleging the Duke of Cambridge will take a £700,000 a year rent for this spectacular royal home.

Despite Charles and Camilla’s fondness for spending time at Highgrove, however, it’s been suggested that the couple will also live at Buckingham Palace in the future. Though it seems the iconic palace will undergo major changes when Charles is King. 

As reported by the publication, a friend of Charles claimed, “Despite what everybody thinks about him not wanting to live there, he will certainly have accommodation there – but it will be a much more modest flat-above-the-shop situation akin to that of the Prime Minister at Downing Street.”

Prince Charles, Prince of Wales and Camilla, Duchess of Cornwall in the Ballroom during the The Queen's Anniversary Prizes at Buckingham Palace

Reflecting on the reasoning behind Charles’ commitment to living in this historic home, they added, “Both the Prince and the Duchess of Cornwall are very practical and see that the reigning Monarch must live at Buckingham Palace, otherwise it would become like Hampton Court". 

Hampton Court Palace is open to visitors, but is no longer a working palace, whilst Buckingham Palace is currently undergoing a decade-long, £369 million renovation.

It's thought that it will be opened to the public on an even more impressive scale in the future. Though if reports are correct, Charles’ plans might well see the principal royal residence down-sized. 

Prince Charles, Prince of Wales walks in the meadows at Highgrove House at the launch for the Coronation Meadows Initiative

And whilst the Queen has spent a huge amount of her time at Windsor Castle in recent months, it's been suggested that Charles is not looking to continue this tradition. 

The source alleged that, “Charles is not keen on Windsor because it is quite noisy” before adding that, “His view is that if he's heading to Windsor, he may as well carry on to Highgrove in Gloucestershire.”

Whether Prince Charles will rent Highgrove House from Prince William when he becomes King remains to be seen. However, the Prince of Wales and Duchess of Cornwall have certainly enjoyed many happy moments there together over the years. 

Emma Shacklock
Senior Lifestyle Writer

Emma is a Senior Lifestyle Writer with six years of experience working in digital publishing, ranging from book publishing to magazines. She currently looks after all things Lifestyle for Woman&Home, Goodto.com, and My Imperfect Life.