40-year-old Prince William is now King Charles’ new landlord and will be collecting hundreds of thousands of pounds in rent from his father.

The Sun reported that Prince William has taken over Duchy of Cornwall and its £345million property portfolio including King Charles’s beloved Highgrove home.

The 128,000 acres of land which netted a £21million income last year, was passed from Charles to his son when he became king.

This means the 73-year-old King must pay up to £700,000 a year to honour a long lease he signed on his favourite home.

The Duchy bought Highgrove, in Gloucestershire, in 1980 and it has been since been transformed into a family home by the new King.

The property portfolio passed down to the new Prince of Wales also includes HMP Dartmoor as well as the Oval cricket ground in South London.

A source told the publication “The King has a long lease and pays rent on Highgrove House and surrounding land.”

The King retreated to Highgrove for a day after his mother died last month. It is considered Charles’s favourite home and is a short drive from Queen Consort Camilla’s private house in Wiltshire.

King Charles’ entire press office at Clarence House have reportedly been told their jobs are at risk as a result of his move to Buckingham Palace.

According to Mail Online, they are among up to 100 distraught staff including those in research and finance sent letters in the past few days warning them of redundancy as a result of the former Prince of Wales’s accession to the throne.

The report said that they have previously been told that only a process of consultation would legally have to begin as a result of the Queen’s death.

Now dozens have been specifically told their jobs are under threat as the process of merging the King’s former household at Clarence House with the existing team at Buckingham Palace begins.

The move has left many employees, some of whom have worked for the royals for several decades, upset and concerned.

Palace sources said the potential redundancies were ‘sadly inevitable’ as a result of the change in reign.

Buckingham Palace, which employs more than 1,000 staff, is not affected as employees work for the sovereign.

The new Prince of Wales – Prince William – already has his own team in place at Kensington Palace, leaving the loyal Clarence House team caught between ‘a rock and a hard place’.

‘Unfortunately, the process of integration means that the roles at Clarence House, the household of the former Prince of Wales, are no longer required,’ a royal aide explained.

Senior officials say they are trying to find as many employees as they can new roles at Buckingham Palace, although they say they are ‘mindful of the head count’ at the tax payer-funded institution, and clearly not everyone can be accommodated.