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He might have been a Prince by birth, but the Duke Of Edinburgh brought no fortune to his marriage to Queen Elizabeth.
But as part of the Royal family, he amassed an estimated £10million estate that will now be divided according to his wishes.
One bequest already made public was the Prince's decision to leave his beloved fell ponies, Balmoral Nevis and Notlaw Storm, to youngest granddaughter, 17-year-old Lady Louise. Louise, who shared his passion for carriage riding, was also left a polished green carriage he both designed and often rode.
Now, a royal expert tells OK! that aside from these special bequests, the Queen “is likely to receive bulk” of Philip’s estate – and shares with us the true value of the multi-million pound fortune which includes an extensive art display, specialist book collection and gifts received as a royal consort.
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Author of The Queen’s True Worth, David McClure told OK!: “Prince Philip won’t be cash rich because he was not working so most of his wealth will be in physical objects and particularly in gifts.
“And if a penniless duke on marriage to the Queen in 1947 could be a multi-millionaire on death, it is a reflection of the great wealth generator that is royal gifts."
The royal finance expert described how Prince Philip’s estate is likely to be “in excess of £10million in capital and gifts”.
The estimation comes from the Duke of Edinburgh's 13,000 book collection, art, savings from his £359,000 Parliamentary annuity along with investments and personal gifts as a royal consort.
Mr McClure explained how previous suggestions of the value of his estate, such as £28million by the Mail on Sunday several years ago, “is too high.”
He said: “The reason why we will never know the size of Prince Philip’s estate is that almost all of the Royal Family have an exemption from having their wills made open."
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He added: “And the palace loves precedent so more than likely we won’t be told the size of Philip’s estate.”
The Queen Mother's estate remained a secret after she died in 2002 but the value of her predecessor, Queen Mary, who died in 1953, was made public.
The standard Inheritance Tax rate is 40 per cent on the part of the estate that is above the £325,000 threshold.
However, there is normally no Inheritance Tax to pay if everything above the threshold is left to a spouse.
The author revealed how the “most tax-efficient way” to pay the least amount of tax would be for Prince Philip to leave his entire estate to the Queen.
“If they wanted to minimise tax then you would give it all to the Queen because under the tax law there is an exemption on married couples.
“There have been rumours that two or three small items will be given to members of the family,” he said.
The Duke of Edinburgh, who was married to the Queen for 73 years, was laid to rest in a private ceremony at St George’s Chapel in the grounds of Windsor Castle on Saturday after he passed away aged 99 on April 9.
Breaking down Prince Philip’s wealth, Mr McClure said: “In terms of cash he did get money from the Civil List and he got money from the Sovereign Grant.
“Even though Prince Philip wasn’t working, he was getting £359,000 a year for the last decade.
“I don’t think it’s unreasonable to suggest that a 99-year-old may have had £500,000 in cash but that is relatively small."
Prince Philip, as a keen artist himself, was also a known collector of paintings and had a deep interest in the conservation and display of the Royal Collection.
And Mr McClure described how the Duke of Edinburgh is likely to have between £2 and £3million in his art collection with some presented as gifts.
Mr McClure continued: “The wealthiest side of his gifts are his art and people now know that he collected paintings.
“I know for a fact he was given Edward Seago who was a very well-known British landscape painter, and whose work sells for five or six figures.
“Prince Philip and Seago became friends and the painter gave him at least 20 or 30 paintings.
“It is quite reasonable to assume he might have £1million in art just from one person as in Seago.”
“He also has a collection of other paintings including Scottish art, Aboriginal art, he has got some portraits of members of his family.”
Meanwhile the longest-serving royal consort in British history had a 13,000-tome collection of books including a large proportion on nature, according to the royal expert.
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“I don’t think those will be terribly lucrative but some of them do sell. So, you might have an extra £500,000 from rare books,” Mr McClure explained.
The royal author described how Prince Philip is likely to have “at least another £5million in gifts that are purely his own property” after the estimated £5million tied up in books, art and cash.
“If you are 99 years old and you have been the consort to the Queen as Head of State for the last 73 years, it is extremely likely that he did receive a considerable number of gifts but no one knows for sure,” he said.
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