Britain's King Charles secretly profiting from dead citizens' assets: The Guardian

By Nur Asena Erturk

ANKARA (AA) – Britain's King Charles has been secretly profiting from dead citizens' assets, according to British daily The Guardian.

"The Duchy of Lancaster, a controversial land and property estate that generates huge profits for King Charles III, has collected tens of millions of pounds in recent years," The Guardian reported on Thursday.

The daily explained that the duchy collected the assets known as "bona vacantia," which belonged to people who died without a will or possible successors.

Over the last 10 years, profits on the assets topped £60 million ($75.6 million), The Guardian added.

"The duchy essentially inherits bona vacantia funds from people whose last known address was in a territory that in the middle ages was known as Lancashire county palatine and ruled by a duke," the story explained.

According to the same source, King Charles received £26 million this year in his first annual payout since he inherited the estate from his late mother, Queen Elizabeth II, who passed away last year.

Since the popular Elizabeth died last year, at age 96, leaving Charles her successor, the institution of the royal family has come under growing scrutiny and criticism as being an outmoded institution using public money to subsidize unelected leaders.