40-year-old Prince William is now King Charles' new landlord and will be collecting hundreds of thousands of pounds in rent from his father.

Prince William is now King Charles

The Sun reported that Prince William has taken over Duchy of Cornwall and its £345million property portfolio including King Charles’s beloved Highgrove home.

The 128,000 acres of land which netted a £21million income last year, was passed from Charles to his son when he became king.

This means the 73-year-old King must pay up to £700,000 a year to honour a long lease he signed on his favourite home.

Prince William is now his father

The Duchy bought Highgrove, in Gloucestershire, in 1980 and it has been since been transformed into a family home by the new King.

The property portfolio passed down to the new Prince of Wales also includes HMP Dartmoor as well as the Oval cricket ground in South London.

A source told the publication “The King has a long lease and pays rent on Highgrove House and surrounding land.”

The King retreated to Highgrove for a day after his mother died last month. It is considered Charles’s favourite home and is a short drive from Queen Consort Camilla’s private house in Wiltshire.