King Charles has come under fire for allegedly profiting from the assets of deceased individuals, with insiders claiming that his property empire, the Duchy of Lancaster, is using these assets as a “slush fund.” The Duchy has been collecting assets from people who died within its jurisdiction without a will or next of kin, in a system known as “bona vacantia.” Over the past decade, the Duchy has reportedly collected over £60 million, which is distributed to charities established by the late Queen.
One of these charities is the Duchy of Lancaster Jubilee Trust, which supports the maintenance and preservation of heritage assets across the estate for public benefit. However, internal documents obtained by The Guardian suggest that funds are increasingly being used to finance the renovation of properties rented out for profit. A 2020 policy, known as SA9, allows the funds to be used for the repair, preservation, and protection of duchy properties categorized as “heritage assets.”
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The definition of “heritage assets” extends beyond listed buildings and includes properties in conservation areas, areas of outstanding national beauty, or those of local historical importance or special scientific interest. The Guardian’s analysis suggests that the 2020 policy gives the Duchy the ability to spend bona vacantia on up to half of its extensive property portfolio.
Sources familiar with the Duchy’s expenditure have confirmed that revenues collected from the deceased are being used to refurbish the property portfolio. The funds are allegedly treated as “free money” and a “slush fund” by insiders. Eligible properties include townhouses, holiday rentals, rural cottages, and even an old petrol station and barns. Documents mention the conversion of an old farmhouse into a high-end residential let, as well as the transformation of a farm building into commercial offices.
This practice is said to increase profitability for rental properties, benefiting the king. In his first annual pay-out since inheriting the estate from the Queen, King Charles received £26 million from the Duchy. The 2020 policy acknowledges that this spending could result in an “incidental” benefit to the king’s private income. A spokesperson for the Duchy of Lancaster stated that the funds are allocated to the Duchy of Lancaster Benevolent Fund, the Duke of Lancaster Housing Trust, and the Jubilee Trust, all charities established by the late Queen. They added that the funds are primarily used to support local communities, protect the land’s sustainability and biodiversity, and preserve public and historic properties.
