Prince of Wales' inheritance revealed: including secret hideaway estate for William and Kate

The passing of Her Majesty Queen Elizabeth II has meant many changes in the royal family - not least changes of titles, job roles and, of course, inheritances. Some have been particularly surprising - like the reveal of what the new Prince and Princess of Wales stand to inherit with their new titles, including a secret estate and some lesser-known perks that may surprise you.

Many publications have been speaking about William and Kate's new 'secret home' - a property passed down from William's father. As Charles ascended to the throne, the Prince of Wales wealth (which, as standard, pretty much comes with the Duke of Cornwall title) is passed to his eldest son.

Photo: www.princeofwales.gov.uk, Photographs by Charles Sainsbury-Plaice

Now Prince of Wales, William has inherited the Duchy of Cornwall which provides a rather stunning estate in Llandovery, Myddfai. If that's not hard enough to pronounce, the estate itself is called 'Llwynywermod'. But it is rather spectacular.

The estate is made up of 3 beautiful cottages as well as a Grade II listed barn and main house. The idyllic retreat sits in 192 acres of the rolling Welsh countryside. Wish you could visit? You can!

Photo: www.princeofwales.gov.uk, Photographs by Charles Sainsbury-Plaice

In fact, the estate is not much of a secret, as Cambridge News pointed out. It can be booked and rented for a relaxing romantic or family break.

Photo: www.princeofwales.gov.uk, Photographs by Charles Sainsbury-Plaice

According to Cambridge News, the then-Prince Charles paid £1.25 million around 15 years ago for the property to share with his wife, Camilla. They report that the Queen's eldest son had spent around 40 years previously searching for his perfect country retreat, until he stumbled upon Llwynywermod.

The publication continues to report that Prince Charles had a very close relationship with the people in the village - donating raffle prizes and attending church service on Sundays. He even spent time there with his wife, Duchess Camilla (now Queen Consort) after the death of his father, Prince Philip.

This important property, which has a clear emotional connection for the family, forms part of the Duchy of Cornwall. This, as well as the title 'Duke of Cornwall' was passed on to the next in line to the throne, King Charles III's eldest son, William. But that's not the only title he inherited.

William is now known as The Prince of Wales, Duke of Cornwall, Early of Chester, Duke Rothesay, Prince and Great Steward of Scotland, Earl of Carrick, Baron of Renfrew and even Lord of the Isles. A mouthful for sure. But nothing has brought him more riches so far than the Duchy of Cornwall.

The Duchy was established by Edward III in 1337 to be passed down to his heir apparent in order to give him financial independence. For Edward, this was his eldest son and heir, Prince Edward. For Charles, this is for his eldest son and heir, Prince William.

Photo: duchyofcornwall.org

The Duchy of Cornwall covers 52,449 hectares of land across 23 countries, according to the Duchy of Cornwall website. It includes farms, forests, cottages, quarries and even parts of coastline. Cornwall itself only boasts 7,571 hectares of the Duchy - but, according to itv, this alone is worth £1bn.

Photo: www.princeofwales.gov.uk, Photographs by Charles Sainsbury-Plaice

The Duchy's income is used to keep the Prince and his family, as well as support a number of charitable organisations and, of course, keep the property itself. The Duchy currently employs over 150 people.

William, like his predecessors, is not allowed to make any profit from the sale of the properties. The Duchy is a source of income for the future King and can only gain from the profits it incurs. But that's alright: it rakes in millions.

The past year saw a fall of 8.2% in the income the Duchy generated. But it doesn't seem all that bad: the Duchy of Cornwall's surplus generated a handsome £23.0million this year.

Photo: www.princeofwales.gov.uk, Photographs by Charles Sainsbury-Plaice

The Duchy released a statement, admiring Charles' care of the property: 'The estate is in safe hands. It is right at this time, to recognise the huge changes made by our 74th Duke of Cornwall (Charles) over 70 years. His Majesty passes the estate on much improved.' William has a lot of work to do it seems!

The next-in-line to the throne currently lives in the 4-bed, Grade II listed Adelaide Cottage in Windsor with his wife and three children. They also keep their apartment in Kensington Palace as the family's London base. Now, they have lodgings around the country, with the new peaceful estate in Llwynywermod expected to be a place of calm and retreat as they increase their royal work and responsibilities.