Crown Estate

In the United Kingdom, the Crown Estate is a property portfolio owned by the Crown. Although still belonging to the monarch and inherent with the accession of the throne, it is no longer the private property of the reigning monarch and cannot be sold by him/her, nor do the revenues from it belong to the monarch personally (as each monarch, upon accession, surrenders the surplus revenues in return for an annual grant known as the Civil List). It is managed by an independent organisation headed by the Crown Estate Commissioners. The surplus revenue from the Estate is paid each year to HM Treasury. The Crown Estate is formally accountable to Parliament, to which it makes an annual report.

The Crown Estate is one of the largest property owners in the United Kingdom with a portfolio worth £7.0 billion, with urban properties valued at £5.179 billion, and rural holdings valued at £1.049 billion; and an annual profit of £240.2 million, as at 31 March 2012. The majority of the estate by value is urban, including a large number of properties in central London, but the estate also owns 144,000 ha (356,000 ac) of agricultural land and forest, more than half of the UK's foreshore, and retains various other traditional holdings and rights, for example Ascot racecourse and Windsor Great Park.