Prince William isn’t just King Charles III’s heir — he’s also now his landlord.
The 40-year-old Prince of Wales will be earning about $785,800 in rent from his father, thanks to a home he’s inherited in Cornwall that has long been one of the new monarch’s favorite places to stay, The Sun reported.
Wills got the property, which is part of the Duchy of Cornwall’s $387 million portfolio, when the 73-year-old Charles ascended to the throne upon the Sept. 8 death of his beloved mother, Queen Elizabeth.
Among the properties within the dukedom’s territories is Charles’ favorite home in Gloucestershire — Highgrove House. Charles purchased the home in 1980, and if he would like to keep residing there, he must pay rent to the new owner, his son William.
The Duchy owns roughly 128,000 acres of land and Charles is now forced to pay over $785,000 annually.
A source told the outlet: “The King has a long lease and pays rent on Highgrove House and surrounding land.”
Highgrove is a frequent residence of Charles. He also stayed there for a brief time following the passing of his mother early last month.
Charles is set to take up a pied-à-terre at Buckingham Palace as he undergoes his royal duties.
Other properties that are a part of the Duchy that have been passed down to William include the HM Prison Dartmoor and the Oval cricket ground in South London.
Charles is also expected to take on board the Queen’s favorite vacation home Sandringham in Norfolk, United Kingdom.
Buckingham Palace unveiled a new portrait of King Charles, his wife and Queen Consort Camilla Parker Bowles, William and his wife Kate Middleton on Saturday.
The photo was taken just a day before Her Majesty’s funeral, on Sept. 18.
Even Prince George — William and Kate’s oldest son and heir to the throne — hilariously told his schoolmates that they had “better watch out,” reiterating that William will be king one day.
Katie Nicholl’s “The New Royals: Queen Elizabeth’s Legacy and the Future of the Crown” –out Oct. 4 — alleged that George, 9, made sure his peers at school knew who he was.
Wrote Nicholl, “George understands he will one day be king and as a little boy sparred with friends at school, outdoing his peers with the killer line: ‘My dad will be king so you better watch out.’ “
“[WIlliam and Kate] are raising their children, particularly Prince George, with an awareness of who he is and the role he will inherit, but they are keen not to weigh them down with a sense of duty,” the author added.