section_path: Residences and finance
section_name: Residences and finance
paragraph_text: Residences and finance
  
  In 2023 The Guardian estimated Charles's personal wealth at £ 1.8 billion. This estimate includes the assets of the Duchy of Lancaster worth £653 million (and paying Charles an annual income of £20 million), jewels worth £533 million, real estate worth £330 million, shares and investments worth £142 million, a stamp collection worth at least £100 million, racehorses worth £27 million, artworks worth £24 million, and cars worth £6.3 million. Most of this wealth which he inherited from his mother was exempt from inheritance tax.
  
  Clarence House, previously the residence of the Queen Mother, was Charles's official London residence from 2003, after being renovated at a cost of £6.1 million. He previously shared apartments eight and nine at Kensington Palace with Diana before moving to York House at St James's Palace, which remained his principal residence until 2003. Highgrove House in Gloucestershire is owned by the Duchy of Cornwall, having been purchased for Charles's use in 1980, and which he rented for £336,000 per annum. Since William became Duke of Cornwall, Charles is expected to pay £700,000 per annum for use of the property. Charles also owns a property near the village of Viscri in Romania.
  
  As Prince of Wales, Charles's primary source of income was generated from the Duchy of Cornwall, which owns 133,658 acres of land (around 54,090 hectares), including farming, residential, and commercial properties, as well as an investment portfolio. Since 1993, he has paid tax voluntarily under the Memorandum of Understanding on Royal Taxation, updated in 2013. Her Majesty's Revenue and Customs were asked in December 2012 to investigate alleged tax avoidance by the Duchy of Cornwall. The Duchy is named in the Paradise Papers, a set of confidential electronic documents relating to offshore investment that were leaked to the German newspaper Süddeutsche Zeitung.