King Charles and the Shady Real Estate Practices
King Charles, who is alive, has been upgrading his real estate portfolio with funds from deceased individuals in North West England. A recent report from The Guardian revealed that an ancient system directs the financial assets of people who died without a will or next of kin in what was formerly Lancashire County to the Duchy of Lancaster, a private estate owned by the king.
The Duchy of Lancaster’s Slush Fund
Over the past decade, the “duchy” has collected more than £60 million in such funds, claiming they were being donated to charity. However, “internal duchy documents” show that much of the money is being used to renovate the king’s real estate holdings, some of which are then rented out for his profit. Insiders from the duchy refer to this money as a “slush fund,” which they use to upgrade the king’s portfolio, including hotels, castles, residential and commercial properties, and luxury real estate across the country.
Queen Elizabeth II’s Approval
Queen Elizabeth II reportedly approved the use of these bona vacantia funds for upgrades in 1987 and again in 2019. Such renovations include double-glazed windows, log burners, and new roofs. In one case, an old farmhouse was renovated partially using these so-called bona vacantia funds, only to be rented out as a four-bedroom home for £1,450 per month.
The Feudal-Era Practice and Its Impact on King Charles’ Fortune
The feudal-era practice was signed into law by the Parliament in 1925, but as The Guardian reports, “why this was done is not known.” Meanwhile, it has helped King Charles, a landlord, amass a private fortune that is estimated to be worth £1.8 billion.
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