According to a shocking story from the Guardian, King Charles III of Britain has been accused of abusing old feudal laws to amass tens of millions of cash meant for charity from the deaths of thousands of British citizens in order to expand his real estate empire. According to the site, the king has allegedly been using assets known as “bona vacantia,” which belong to people who passed away without leaving a will or designated beneficiary, for years in order to renovate commercial properties for rental income. The queen is said to have amassed more than $75 million in the last ten years, despite promises to devote any earnings to charitable causes. The money is being used covertly to restore the homes that Charles rents out for profit, according to documents obtained by the Guardian from The Duchy of Lancaster, the vast land and property estate that Charles inherited from the late Elizabeth II. Despite producing nearly $1.6 billion in revenue over the previous 60 years, neither duchy is subject to corporation taxation nor capital gains taxation. Even though the money is supposed to go to charity, only 15% of it has actually been used for that purpose over the last ten years, according to data the outlet looked through. According to The Guardian, the duchy was allowed to use its “bona vacantia” earnings for specified repairs, such as remodeling walls, floors, chimneys, foundations, and electrical and insulation work, on about half of its property holdings. Townhouses, vacation rentals, rustic cottages, and barns—including one used for partridge and pheasant shootings—are some of the sites being photographed. The king reiterated that funds obtained through bona vacantia ought not to be utilized for the privy purse. , but should be allocated mainly to assist regional communities, safeguard the land’s sustainability and biodiversity, and maintain public and historic assets throughout the Duchy of Lancaster lands, an official told the publication. “To protect and maintain them for future generations, this includes the restoration and repair of qualified buildings.” Charles has profited from this long-standing custom, as seen by the rise in value of his rental properties, which bring in tens of millions of duchy revenues annually—a sum of money that Buckingham Palace has designated as “private.”
