Photograph: Samir Hussein/WireImage
The estate comprises not only Balmoral Castle but also 21,725 hectares of land, including a nearby grouse moor. Considering its potential for forestry, farming, grouse shooting, deer stalking and renewable energy generation, the estate was valued, with the help of an expert, at £80m. Under the deal, the queen agreed to “voluntarily” pay tax on her private income. But Major allowed bequests between monarchs an exemption from inheritance tax, incentivising the Windsors to funnel all their wealth through the line of succession.
Charles has begun liquidating his equine assets; since his mother’s death, he has earned £2.3m from selling horses at auction, including some given to the queen by the Emir of Dubai and the Aga Khan. The palace indicated it regards them as “personal” rather than official gifts. But it stays silent on the vexed question of what should be done with official gifts received before the rules were introduced in 1995.
That figure is likely to be a significant underestimate given that it is based on a valuation of only a sample of royal artworks, which are among thousands believed to be in the Windsors’ private collection. In 2006 an auction of jewellery belonging to Princess Margaret resulted in items fetching an average of 18 times more than their upper estimate. Partthe items were official gifts.
The monarch and heir to the throne also receive tens of millions of pounds in “private income” annually from hereditary estates. Had they saved at the same rate as the average British household, and invested the money in FTSE 100 firms, the king and his mother would have accrued an extra £58m between them.
Maybe he could pay for his own coronation party !