Prince William‘s new property has a cost fit for a king.
The Duke of Cornwall and Cambridge, who has inherited the title of Prince of Wales after the passing of Queen Elizabeth II on Sept. 8, has also inherited land in the family name with a hefty value.
William, 40, is now in possession of the private Duchy of Cornwall estate, which was previously in the hands of his father, King Charles III, per CNN Business. The private property, which was created in 1337, is reportedly worth about $1.2 billion.
According to the Duchy’s website, the property—which funds the activities of the Prince of Wales and his family—was founded by King Edward III for his son Prince Edward. And since its creation, the Duchy’s royal real estate portfolio now holds 52,449 hectares of land spanning 20 counties.
Per the Duchy, the Queen took a “keen interest” in the estate during her father, King George VI‘s reign and in the beginning of her own time on the throne.