King Charles III inherited an entire property portfolio including a secret bolthole when he ascended to the throne following the passing of his late mother Queen Elizabeth II.
As well as royal residences, the Crown Estate has a wide range of projects and investments, including off-shore wind turbines, and the monarch has now decided to redirect the profits from their eco investments.
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King Charles wants the money to be used for "wider public good" rather than simply going back into the estate.
A Buckingham Palace spokesperson said: “In view of the offshore energy windfall, the Keeper of the Privy Purse has written to the Prime Minister and Chancellor to share the King’s wish that this windfall be directed for wider public good, rather than to the Sovereign Grant, through an appropriate reduction in the proportion of Crown Estate surplus that funds the Sovereign Grant.”
The monarch lives at Clarence House
The money Charles accrues from the Crown Estate goes to the treasury and then a smaller amount is given back to the monarch in the form of the Sovereign Grant.
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Speaking about the topic on This Morning, Phillip Schofield branded the monarch "very forward thinking" for this decision, pointing out it will be "a lot of money" for the public to benefit from.
King Charles doesn't own Buckingham Palace
This comes after the King cited the cost-of-living crisis in his Christmas Day address to the nation.
Does King Charles own his homes?
Places such as Buckingham palace and Windsor Castle are actually owned by the Crown Estate and not His Majesty privately. However, the late Queen did pass down her privately owned homes, Sandringham House and Balmoral Castle.
Did you know Prince William is the biggest private landowner in Britain?
Since taking on the title of the Duke of Cornwall, William acquired the role of managing the Duchy of Cornwall.
The change of hands from father to son now makes William the biggest private landowner in Britain with assets around the £1.2billion mark.
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