According to a shocking story from the Guardian, King Charles III of the United Kingdom has been accused of utilizing ancient feudal laws to collect tens of millions of dollars intended for charity from the deaths of thousands of British citizens in order to expand his real estate business.
According to the publication, the king has been claiming and benefitting from years-old assets known as “bona vacantia,” which are possessed by people who died without a will or known next of kin, to improve commercial premises for rent.
Despite commitments to donate all revenues to charity, the king is said to have collected more than $75 million in money over the last ten years.
Documents obtained by the Guardian from The Duchy of Lancaster, Charles’ vast land and property holdings inherited from the late Elizabeth II, suggest that the money is being surreptitiously used to restore the buildings he rents out for profit.
According to the study, under the medieval system of “bona vacantia,” or “vacant goods,” the king’s duchy acquires monies from persons whose last known address was to Lancashire county palatine, which was administered for centuries by a duke.
The duchy also obtains assets owned by companies when they fold.
The procedure also applies to the Duchy of Cornwall, which has been handed on to Prince William since Charles’ succession.
According to the Guardian, the two duchies run real estate empires, owning farmland, hotels, castles, offices, warehouses, enterprises, and some of London’s most prestigious real estate.
Despite earning more than $1.6 billion in revenue over the last six decades, neither duchy pays corporate or capital gains taxes.
According to papers reviewed by the publication, while the money is intended for charity, barely 15% of it has been directed there in the last ten years.
According to the Guardian, the duchy was allowed to spend its “bona vacantia” earnings on around half of its property portfolio on specific repairs including as wall, foundation, floor, and chimney renovations, as well as electrical and insulation work.
Town residences, vacation rentals, country cottages, and barns, including one used for pheasant and partridge shoots, are among the assets being prifutted from.
“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 rewards of this historic practice, since his rental properties have become increasingly successful, bringing in tens of millions of pounds in duchy revenues each year, revenue that Buckingham Palace has labeled “private.”