The sixth Duke of Westminster passed away from a heart attack. According to press reports, the duke was the third richest person in the UK and the 68th richest person in the world. Conservative estimates say he is worth around £9 billion, the majority of which will now pass to his son and heir, Hugh Grosvenor.
Prime Property in Central London
The duke had many business interests, but one of the most interesting to us is his vast property portfolio. The family owns a significant slice of Belgravia, one of the most expensive parts of London. He also owns thousands of acres in Scotland and Spain.
The Grosvenor Property firm was formed in the 17th century to manage a very large portfolio of properties in London. Today, it is widely regarded to be the biggest property management company in the UK, at least by value of its assets.
Duke Owns More Property than the Queen
Interestingly, the Duke of Westminster owns more property than the Queen – he owns 0.22% of land in the UK compared to 0.03% in the Queen’s private ownership. Included in the Duke of Westminster’s property portfolio are Eaton Estate, the family seat just outside Chester (the estate encompasses three villages); Abbeystead Estate in Lancashire; and Reay Forest in north-west Sutherland. The Duke also owns 300 acres in Mayfair and Belgravia, which includes Grosvenor Square, Eccleston Place and Elizabeth Street.
The new Duke of Westminster is now a very wealthy young man.
