King Charles III is under scrutiny for allegedly diverting over $75 million, meant for charitable causes, to upgrade his personal real estate holdings. This accusation, emerging nearly seven months post his coronation, centers around the practice of "bona vacantia" - a medieval feudal law allowing the collection of assets left by deceased British citizens without a will or known kin.
According to a Guardian report, this substantial sum, accumulated over the past decade, is supposedly funneled into renovating commercial properties within the Duchy of Lancaster. This hereditary estate, spanning vast real estate including farmland, hotels, and prime London properties, has generated over $1.6 billion in the last six decades and remains exempt from corporation and capital gains taxes.
The Guardian's investigation uncovered that merely 15% of the collected funds have been channeled to charities in the past ten years. Furthermore, a 2020 policy allowed these funds to be used for maintaining properties classified as "heritage assets" or of "local historical importance." This includes various residential and recreational properties, from townhomes to country cottages.
King Charles' spokesperson has firmly denied these allegations, insisting that the funds are utilized to support local communities and preserve public and historic properties on the Duchy estates. The spokesperson emphasized the king's commitment to ensuring these funds do not benefit his private income but are used primarily for community support, land sustainability, and preservation of historic properties.
Despite these clarifications, the British public has expressed outrage, with some labeling the monarch's actions as "disgusting." The contrast between the modest living conditions of some deceased individuals and the high-end Duchy properties being renovated with their assets has intensified public dismay.
The practice of collecting bona vacantia funds is not new and dates back to feudal times. While typically such assets in England and Wales are transferred to the Treasury for public services, the Duchy of Lancaster, inherited by King Charles from Queen Elizabeth II, collects these funds from certain regions. The Duchy of Cornwall, now under Prince William, operates similarly in Cornwall.
The Guardian's report raises significant ethical questions about the use of these funds, especially given the lack of transparency in the allocation process and the indirect benefit to the King's estate. The findings suggest a need for greater scrutiny and perhaps reform in the management of bona vacantia funds, ensuring they truly serve public and charitable interests.
