Henry FitzRoy, 1st Duke of Richmond and Somerset duchy, the title of Duke of Richmond was important as the earldom of Richmond had been held by his grandfather King Henry VII and by his great-grandfather Edmund Tudor, 1st Earl of Richmond. The earldom of Nottingham had been held by Richmond’s great uncle Prince Richard of Shrewsbury, Duke of York, the second son of Edward IV. Seeing Henry’s obvious pride and affection for his sturdy little son, many of those who witnessed Richmond’s elevation must have wondered if this was what the King had in mind. To support his new status, Henry granted his young son an annuity of
Edmund Tudor, 1st Earl of Richmond large monetary grants from the King, while Edmund was also given property in Westmorland and Lancashire. Edmund ran a profitable estate and invested in the wool industry based out of Boston, Lincolnshire. The King also granted him the medieval palace of Baynard's Castle, near to the Thames river in London. Edmund was given the wardship of the nine-year-old Margaret Beaufort, Countess of Richmond and Derby, daughter of John Beaufort, 1st Duke of Somerset on 24 March 1453. She was the only heir of Beaufort and a kinswoman of the King. She had descended from the House of Lancaster through the