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King Charles III surrenders hereditary revenues in return for sovereign grant funding official duties
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King Charles III formally surrendered hereditary revenues, including the crown estate, to the United Kingdom government, and will begin receiving a sovereign grant funding his official duties as monarch.
The arrangement signed by Charles has been the same since 1760, when King George III offered care and profit from his privately-owned lands to the national government.
Charles made the proclamation in a royal ceremony at St. James's Palace on Saturday.
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The royal family's private real estate investment holdings — estimated to be north of $14 billion in total value — are historically turned over to the nation with each successive generation.