Ever wondered what Buckingham Palace is worth? As King Charles lll settles into his new role as sovereign, it seems the monarch has much to celebrate when it comes to the price appreciation of the Crown property portfolio. The latest research reveals that the royal family has seen the value of ten of their most famous residences increase by a cool £125 million ($159m) in 2022 alone, with a combined value of a staggering £7.5 billion ($9.5bn). Let's take a tour of these palaces and estates the British Royal Family call home and see how much they're worth...
According to IFA Magazine, estate agent comparison site GetAgent.co.uk revealed the latest royal portfolio stats. Although not the highest in worth, Balmoral comes out on top, having increased in value by 18% over the last year alone. The late Queen’s "favourite place on earth" is thought to be worth nearly £55 million ($70m), with other estimates putting the figure nearer £80 million ($102m). The fairytale castle, with its turrets and spires, opened to the public in April 2023 for the first time since the Queen’s death there in September 2022 and has become a must-see destination for visitors to the Highlands.
Balmoral has been a royal residence since 1852, when Prince Albert purchased it for Queen Victoria for the sum of £32,000 ($41k), or £3 million ($3.8m) in today’s money. As well as the castle, Balmoral takes in several neighbouring estates, 81 residential properties and nine self-catering lets, which can charge £2,000 ($2.5k) per week in peak season. It also includes Birkhall, the King’s private estate, and Craigowan Lodge, where the late Queen stayed when the castle was open to the public.
Queen Elizabeth II spent almost every summer with her family at the 50,000-acre estate but a second home comes at a price and, according to reports, it costs £3.3 million ($4.2m) a year to maintain. The King is keen to give the whole property an entire overhaul and advertised for full-time decorators. But the real value of Balmoral lies in its land and sporting rights, with its salmon fishing and grouse moors alone worth millions.
Following her death in 2022, the Queen was taken from the Palace of Holyroodhouse to St Giles’ Cathedral in Edinburgh before making her final journey down to London. The palace was the monarch’s official residence in Scotland, and the ancient pile has jumped in value by 6% in the past year, now valued at nearly £60 million ($76m). The jump is attributed to 'hotter market conditions in Scotland' as compared to the slower market in central London.
Holyroodhouse is maintained by Historic Environment Scotland, which is funded by the Scottish government and the entrance fees paid by visitors. While it’s unclear how much it currently costs to maintain the palace, which has been home to the kings and queens of Scotland, including Mary Queen of Scots, since the 16th century, Historic Scotland, the agency previously responsible for its upkeep, is reported to have spent £1.25 million ($1.6m) for its maintenance in 2014-15.
The late Queen was usually resident at the palace in early summer for Holyrood Week, which celebrates Scottish culture, history and excellence, and the King is expected to do likewise. When the royals are not in residence, the palace is open to the public. The most popular rooms include Mary Queen of Scots’ private bed chamber, the Throne Room and the Great Gallery.
Like Balmoral, Sandringham House in Norfolk is privately owned by the royal family and its value has increased by 8% in 2022-2023, according to GetAgent. It's now said to be worth nearly £61 million ($78m), a tad more than the £22,000 ($28k) Queen Victoria shelled out to buy the property for her eldest son and heir Prince Albert (later Edward VII) in 1862. According to one report, you’d be lucky to be able to buy a beach hut in the area these days for that amount.
As well as the house, which dates back to Elizabethan times, the 20,000-acre estate includes vast swathes of fertile farmland, producing a range of crops from oats and barley to beans and sugar beet, as well as a large organic sheep flocks. Anmer Hall, the country home of the Prince and Princess of Wales, and Wood Farm, where the Duke of Edinburgh spent much of his time following his retirement in 2017, also form part of the estate.
The late Queen would traditionally spend Christmas at Sandringham, staying through February 6, the date of her late father King George VI’s death and her ascension to the throne. The King, who inherited the estate from his mother, has already made his mark on the estate, rolling out organic farming methods and creating an eco-friendly topiary garden which is due for completion in the summer of 2023.
Located next door to St James’s Palace, Clarence House has been a good investment. The John Nash-designed property cost just £22,000 ($28k) to build when it was commissioned for George lll’s third son, Prince William Henry, in 1825, and is now estimated to be worth £64 million ($81m) an increase of 0.3% in value. It has been the home of the King and Queen since 2003, and they are said to be very happy there.
The King took ownership of the four-storey house in 2002 after the death of the Queen Mother and undertook a £4.5 million ($5.7m) refurbishment, engaging his favourite interior designer Robert Kime and spending a further £1.6 million ($2m) of his own money on soft furnishings. The King is seen here in 2018, hosting King Willem-Alexander of the Netherlands in the formal living room with its blue-toned furniture, fringed lamps and historic artwork.
Located on the salubrious boulevard known as The Mall which runs between Buckingham Palace and Trafalgar Square, the residence has hosted guests including former US president Donald Trump and his wife Melania, seen here during an official state visit in 2019. Now he is King, Charles will be all the more keen to keep the property in tip-top shape for more illustrious visitors. And who knows, the Donald may be back...
Situated in the heart of the capital, Kensington Palace has been home to the Royal Family for centuries and remains the London base of the Prince and Princess of Wales. It is part of the Crown Estate and therefore owned by His Majesty the King on behalf of the nation, although funds for its upkeep are provided by the Sovereign Grant. With an estimated worth of £485 million ($617m), it saw a 1.1% increase in 2022.
That’s a far cry from the £20,000 ($25k) King William lll and Queen Mary ll paid for the palace in 1689 which, allowing for inflation, is still just £4 million ($5m). Residential land values in Central London have remained steady in 2023, say reports, although caution in the market has led to only modest increases in value. But that’s still a stellar piece of real estate to have in your portfolio!
A kind of upmarket housing estate for the British Royal Family, the palace functions as an exclusive form of shared accommodation in which some of its residents, including the Prince and Princess Michael of Kent, are expected to pay a greatly reduced rent on their exclusive homes. Meanwhile, renovations on William and Kate’s Apartment 1A in 2013 cost £4.5 million ($5.7m), but the residence has welcomed many distinguished guests, including the Obamas in 2016.
The Queen’s main residence in her latter years, Windsor Castle is estimated to have a market value of £523 million ($665m), an increase of 4.1% over the past year. According to one report, it costs about £21.4 million ($27m) per year to run the castle. This is paid for by the Sovereign Grant, taxpayers’ money given to the monarch by the treasury. The sovereign receives the grant in exchange for giving the government all profits from the Crown Estate, the family’s massive portfolio of properties.
Windsor Castle is the largest inhabited castle in the world, occupying 13 acres of land, with Windsor town to the west, Eton College to the north and Windsor Great Park to the south. There have been several renovations over the years, most recently in 1992, after a fire devastated the castle and ran up a repair bill of £36.5 million ($46m). The cost was met by charging entry to the castle, opening up Buckingham Palace and the £2 million ($2.5m) the Queen contributed herself. She also started paying income taxes.
Prince Harry and Meghan Markle tied the knot at St George’s Chapel in 2018, and Windsor has been special to the couple ever since. The pair chose Frogmore House on the estate for their engagement photos in 2017 and lived within the grounds of Windsor Castle in Frogmore Cottage, before they stepped back as senior royals in 2020 to start a new life in Los Angeles. They were asked to vacate the property early in 2023, according to reports.
The lesser-known of the London palaces, St James’s Palace featured prominently when Charles lll was proclaimed King in the State Apartments there on 10 September 2022. The first public Proclamation was read from the balcony, seen here, overlooking Friary Court. Also part of the Crown Estate, St James’s Palace has experienced a modest 0.3% increase in value over the past year but is still worth £618 million ($786m).
The palace has been used as a London base for several royals including the King, who lived here following his split from Princess Diana. He resided here in York House with Princes William and Harry until 2002, and Princess Beatrice and Princess Eugenie shared a four-bedroom apartment here, which underwent a £250,000 ($318k) refurbishment when Princess Beatrice went to college in 2009, says The Telegraph. Other updates include a £5 million ($6.4m) overhaul in 2015 and 2016.
Eagle-eyed fans of the royals will recall that the Prince and Princess of Wales posed for official photographs in the State Apartments to mark their engagement in 2010. The State Apartments are also used for charity events and state visits, but the upkeep is soaring. So much so that in 2016, the late Queen starting renting out one of the apartments for £20,000 ($25k) a month.
The next biggest jump in value was enjoyed by the Tower of London, which has increased in value by 5% over the past year. Currently estimated to be worth about £711 million ($905m), the London landmark is owned by the Crown Estate, which belongs to His Majesty The King in 'the right of the crown' by virtue of being the reigning monarch. It is not the private property of the crown, however, and cannot therefore be sold.
The popular tourist destination, which includes the White Tower, Tower Green, the Bloody Tower, Medieval Palace and the Jewel House, is maintained by Historic Royal Palaces, the self-funding charity that looks after six palaces. Its highlights include The White Tower, pictured at the centre of this image, where it is said the two princes, Edward and Richard, were imprisoned and murdered. In 1674 the bones of two children of similar ages were found beneath the staircase in the White Tower.
The biggest draw, however, is the Jewel House, which houses the Crown Jewels, which were used at the King’s coronation in May 2023. Priceless in terms of historic and cultural value, the collection, which features 23,000 gemstones, is estimated to be worth anything between £3-5 billion ($3.8bn-$6.4bn). These days the Tower is home to the 37 Yeoman Warders, or 'Beefeaters', who have guarded the Tower since Tudor times.
The former home of Henry Vlll, Hampton Court Palace has an estimated worth of £1 billion ($1.3bn), enjoying a 3.4% increase in 2022. With its stunning gardens and famous maze, it was opened to the public by Queen Victoria in 1838 and has become one of Britain’s most popular attractions. It is thought to be the Crown’s most expensive piece of real estate, after Buckingham Palace.
Henry’s adviser, Cardinal Thomas Wolsey, spent 200 crowns building the original country manor and then gifted it to King Henry Vlll, who spent a staggering £62,000 ($79k), or £42 million ($53m) in today’s money, transforming it into a sprawling palace where he could entertain. It has been owned by the reigning monarch ever since, but is maintained by Historic Royal Palaces and costs around £3.7 million ($4.7m) to run every year.
It’s just as well, then, that the Palace is so popular Hampton Court Palace brings in around £8.9 million ($11m) every year in ticket sales and other events, including the Hampton Court Flower Show in July. Visitors are attracted by the palace’s fascinating history as well as its opulent rooms, many of which were added during the reign of William lll and Mary ll, including the King's Privy Chamber, seen here with its crimson thrones and dazzling chandelier.
Unsurprisingly, Buckingham Palace is the jewel in the crown of the royal portfolio, with an estimated worth of £3.9 billion (4.8bn). Yet, along with other London properties, it has only enjoyed a 0.3% increase in value in the past year. Not that it matters, Buckingham Palace is symbolic of the British monarchy and, as part of the Crown Estate, the King couldn’t sell it off even if he wanted to.
Still, that’s a great deal more than the £7,000 ($8.9k) John Sheffield, later the Duke of Buckingham, paid to build the palace in 1706, which, even when adjusted for inflation, still works out at the relatively small sum of £1.8 million ($2.3m). The King is keen to open the palace up to the public more and cut back on its costs. But with an energy bill that is reported to be as high as £2 million ($2.5m) a year, it’s a tall order.
It is still not certain whether the King will eventually move into Buckingham Palace. At the moment, he is living nearby at Clarence House, while extensive renovations costing a monumental £369 million ($470m) are carried out. Its maintenance is a never-ending expense. It cost £1 million ($1.27m) to remove harmful asbestos in 2012 and another £150 million ($190m) to cover repairs in 2015. Talk about the cost of living in a palace!
Loved this? Follow us on Facebook for more royal residences