Prince William is reportedly planning a major change to the historic Duchy of Cornwall, with plans to sell about 20 percent of the royal estate over the next 10 years to help fund affordable housing and environmental projects across the United Kingdom.

According to reports from The Times, the Prince of Wales wants to raise more than $670 million by reducing parts of the estate and focusing its work on five key areas: Cornwall, Dartmoor, the Isles of Scilly, the Bath area and Kennington in South London. The money would go toward building homes, improving communities and protecting nature.

William took control of the Duchy of Cornwall in 2022 after his father, King Charles III, became king. The estate was first created in 1337 to provide income for the heir to the British throne, PageSix reported. Today, it is valued at nearly $1.5 billion and reportedly provides William with around $27 million in yearly income.

Royal Estate Funds to Support Green Projects

The future king shared that he wants the estate to do more than simply own land.

"We're not the traditional landowner... we want to be more than that," William said, according to the BBC. "There is so much good we can do. I'm trying to make sure I'm prioritizing stuff that's going to make people's lives, living in those areas, better."

According to People, Duchy of Cornwall chief executive Will Bax said the goal is to create long-term social and environmental change.

"If we don't see an opportunity for positive impact, then perhaps we don't need to be a part of that place," Bax explained.

Under the reported plan, nearly $215 million would go toward affordable housing projects in Cornwall, the Isles of Scilly and Kennington. The Duchy hopes to help create between 10,000 and 12,000 homes by 2040. Another $161 million is expected to support local businesses, workplaces and community spaces in the five "heartlands."

William also reportedly wants to invest heavily in environmental efforts. Plans include nearly $27 million for environmental recovery programs and hundreds of millions more for wildlife and green energy projects.

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