The Prince of Wales inherited the Duchy of Cornwall when his grandmother Queen Elizabeth died
Prince William is getting to know the nuts and bolts of his new role.
William spent part of Monday in discussions with a senior figure in the Duchy of Cornwall, the vast and valuable estate that the new Prince of Wales inherited from his father, King Charles III. Prince William, 40, met Alastair Martin, the secretary of the estate at Kensington Palace, the court circular, a record of royal duties, says.
From Sept. 8, the day his grandmother Queen Elizabeth died, William has been titled the Duke of Cornwall and with that comes the Duchy — an estate of farmland, property and commercial businesses worth around $1.3 billion. Last year, it provided Charles with an income of around $25 million.
A day later, his father named him and his wife, Kate Middleton, the Prince and Princess of Wales.
In recent years, Prince William has made quiet visits to the Duchy, and he’s also been speaking to his father about the more than 130,000 acres of land — with 160 miles of British coastline — in 23 counties of England and Wales.
“He is going to very much take an active role in it. He is fully immersing himself in it,” a royal source tells PEOPLE.
The Duchy was established by King Edward III in 1337 to provide an income for the heir to the throne. King Charles used it also to pay for the life and public work of the heir to the throne and his family — and with Charles at the helm, it has become a major financial concern.
Last year, it emerged that homelessness campaigner William was exploring how homes in the Duchy could be used to help those in need.
In Oct. 2019, Prince William said he would follow in his father’s footsteps when it came to the Duchy of Cornwall.
“I’ve started to think about how I will inherit the Duchy one day,” William told farmers in Prince Charles: Inside The Duchy of Cornwall. “Well, rest assured I’m not going to rock the boat; I’ll do much the same as what my father’s doing. I’m not so into the architecture — that’s the only thing.”
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