Prince William Inherits $1 Billion Asset

In the wake of the death of his grandmother, Queen Elizabeth, Prince William is set to inherit a Royal asset worth $1 billion. According to ET, William will inherit the private Duchy of Cornwall estate from the newly christened King Charles III, his father. The property was built in 1337 by King Edward III, and — per financial accounts from the past year — has an estimated value of roughly £1 billion ($1.2 billion). ET also noted that The Duchy of Cornwall encircles a vast property that includes roughly 140,000 acres in southwest England.

Queen Elizabeth II, the longest-reigning royal monarch of the United Kingdom and the other Commonwealth realms, died last Thursday at 96 years old. Her death comes just under 18 months after the death of Prince Philip, Duke of Edinburgh, her husband of more than 73 years. The Queen died at Balmoral, her beloved palace in the Scottish Highlands, which was purchased by her great-great-grandfather Prince Albert for Queen Victoria in 1852. She was surrounded by her children and grandchildren. Charles, her eldest son, succeeds her as leader of the British monarchy.

"The Queen died peacefully at Balmoral this afternoon. The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow," the palace said in a statement. "Flags across the U.K. were lowered to half-mast ahead of a national minute's silence and the start of an official period of mourning."

Born on April 21, 1926, Elizabeth assumed the throne in 1953 after the death of her father, King George VI. She is survived by her four children: Charles, Prince of Wales; Anne, Princess Royal; Prince Andrew, Duke of York; and Prince Edward, Earl of Wessex. The Queen is also survived by many grandchildren, including Prince William, Duke of Cambridge and Prince Harry, Duke of Sussex, who is married to former American actress Meghan Markle. In addition, Queen Elizabeth also had eight great-grandchildren.

King Charles III made his first public speech, following the death of Queen Elizabeth, and the new British monarch expressed "profound sorrow" over his mother's passing. "We owe her the most heartfelt debt any family could owe to her mother for her love affection, guidance, understanding and example," the incoming King of England said in a pre-recorded message, per the NY Times. 

"Our values have remained and must remain constant," Charles also said, expressing his hope for the future of the United Kingdom. He also assured the U.K. citizens that the "promise of lifelong service" his mother made is one that "I renew to you all today." The King also shared that he and his family are "feeling profound sorrow" over the loss of their matriarch. Speaking to his late mother in the closing of his speech, Charles said, "Thank you for your love and devotion... may flights of angels sing thee to thy rest."