Prince William 'Fully Immersing' Himself In New Role As Prince Of Wales: Report

Prince William is taking an "active role" in the management of the vast and valuable estate he inherited following the death of his grandmother Queen Elizabeth II.

Prince William, 40, became the new Prince of Wales and Duke of Cornwall and inherited the Duchy of Cornwall, an estate of farmland, property and commercial businesses, from his father King Charles III after the 73-year-old ascended to the throne last month.

William has since been focused on his new role, with People reporting that the heir to the British throne had discussions with a senior figure in the Duchy of Cornwall Monday.

Prince William met Alastair Martin, the secretary of the estate at Kensington Palace, according to the court circular, a record of royal duties.

Prior to inheriting the titles and the estate, the prince made quiet visits to the Duchy and spoke to his father about its management in recent years.

"He is going to very much take an active role in it. He is fully immersing himself in it," an unnamed royal source told the outlet of William's new role as owner of the estate.

The Duchy of Cornwall consists of more than 130,000 acres of land and 160 miles of British coastline across 23 counties of England and Wales.

The estate is estimated to be worth around $1.3 billion. It provided Charles with an income of around $25 million last year, according to People.

The Duchy was established by King Edward III in 1337 to provide an income for the heir to the throne. King Charles used it to pay for the life and public work of the Prince of Wales and his family.

In October 2019, Prince William said he would follow in his father's footsteps when it comes to managing the Duchy of Cornwall.

"I've started to think about how I will inherit the Duchy one day," William told farmers in "Prince Charles: Inside The Duchy of Cornwall." "Well, rest assured I'm not going to rock the boat; I'll do much the same as what my father's doing. I'm not so into the architecture — that's the only thing."

Last year, it was reported that Prince William, a longtime advocate for people who are homeless, was exploring how homes in the Duchy could be used to help those in need.

King Charles named Prince William and his wife Kate Middleton the new Prince and Princess of Wales during his inaugural speech as monarch on Sept. 9, a day after the Queen died.

"As my Heir, William now assumes the Scottish titles which have meant so much to me. He succeeds me as Duke of Cornwall and takes on the responsibilities for the Duchy of Cornwall which I have undertaken for more than five decades," King Charles said in a transcript published by The New York Times.

He continued, "Today, I am proud to create him Prince of Wales, Tywysog Cymru, the country whose title I have been so greatly privileged to bear during so much of my life and duty. With Catherine beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the center ground where vital help can be given."

King Charles' coronation will be held on May 6, 2023, Buckingham Palace announced. Royal correspondent Katie Nicholl told Entertainment Tonight that Prince William is expected to have a "key role" in the ceremony.