The British king, King Charles III has been accused of using ancient feudal laws to collect tens of millions of dollars intended for charity from the deaths of thousands of Brits to upgrade his real estate empire, according to a bombshell report from the Guardian.
The outlet reported that the king has reportedly been claiming and profiting for years off assets known as “bona vacantia,” which are owned by people who died without a will or known next of kin, in order to upgrade commercial properties for rent.
In the past 10 years, the monarch has reportedly collected more than $75 million in the funds despite pledges to donate all proceeds to charity.
Documents obtained by the Guardian from The Duchy of Lancaster, Charles’ extensive land and property estate he inherited from the late Elizabeth II, reveal that the money is secretly being used to renovate the properties that he rents out for profit.
Under the medieval practice of “bona vacantia,” or “vacant goods,” the king’s duchy inherits funds from those whose last known address belonged to Lancashire county palatine and ruled for centuries by a duke, according to the report.
The duchy also obtains assets owned by companies when they fold.
The Duchy of Cornwall, which has been passed on to Prince William since Charles’ ascension, also operates under the system.
The two duchies operate as real estate empires, controlling tracts of farmland, hotels, castles, offices, warehouses, businesses and some of London’s elite real estate, the Guardian reported.
Neither duchy pays corporation tax or capital gains tax, despite generating more than $1.6 billion over the last six decades.
While the money is intended to go to charities, only 15% of the monies have been directed there over the past 10 years, according to documents reviewed by the outlet.
The Guardian found that the duchy was permitted to burn its “bona vacantia” earnings on roughly half of its property portfolio on certain repairs like renovating walls, foundations, floors and chimneys as well as electrical and insulation work.
Among the properties getting prifutted from are town homes, holiday rentals, country cottages and barns, including one used for pheasant and partridge shoots.
“The king reaffirmed that money from bona vacantia should not benefit the privy purse, but should be used primarily to support local communities, protect the sustainability and biodiversity of the land and preserve public and historic properties across the Duchy of Lancaster estates,” a spokesperson told the outlet.“This includes the restoration and repair of qualifying buildings in order to protect and preserve them for future generations.”
Charles has reaped the benefits of this ancient practice, with his rental properties becoming more profitable, garnering tens of millions in duchy profits each year, revenue Buckingham Palace has declared “private.”
