The Seabed Empire Funding Britain’s New King

Regent Street is one of the most iconic shopping destinations in the world. The grand, curving street is home to Apple’s flagship store, as well as storied London shops like Liberty and Hamleys. And almost all of it belongs to King Charles III. Or, to be more precise, the Crown Estate—the commercial real estate business that owns and manages vast swaths of land and property belonging to the British monarch.

The Crown Estate’s property empire includes Twitter’s London HQ, multiple shopping centers, and the Ascot racecourse, but its dominion extends well beyond the shores of England, Wales, and Northern Ireland. Since 1964, the Crown Estate has laid claim to the UK’s

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