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Queen gets a lift from british real estate boom The organization earned 285.1 million($449 million)Over the latest fiscal year, up nearly 7% from the prior period.This is the latest in a string of record annual profits. The overall value of the crown estate's businesses and assets also hit a historic high of 11.5 billion($18.1 billion), up about 16% from last year. The vast majority of money was earned from urban properties.The crown estate rents out roughly 8 million square feet in central london to businesses and retailers.Well known brands such as michael Kors(Kors)And hunter count themselves as tenants. But all that profit won't go directly to the queen and her family.The crown estate profits get funneled directly to the government, and then roughly 15% of this money eventually filters back to the royal family. That means the royals can expect a 43 million($68 million)Check to finance official engagements, public work and the upkeep of official residences. Those funds should be enough to keep the family going.The royal household spent 35.7 million($56.2 million)In the latest fiscal year, which is on par with the previous year, according to a royal press release. However, the 89 year old queen will soon have to renovate her official buckingham palace residence to the tune of 150 million($236 million), which could seriously stretch the budget.Officials say the palace michael kors online outlet is in desperate need of rewiring, new plumbing and asbestos removal work.Property market has been booming over the past few years, fueled in part by foreign investors.Overall housing prices have been rising since 2012 and london's residential property market is now worth as much as brazil's entire economy. The crown estate has been reinvesting heavily in its london properties and plans to open another 400, 000 square feet in central london within the next year. michael kors bags outlet The crown estate rents out its properties on regent street, which is a michael kors australia key shopping area in london.Cnn's max foster contributed to this report. Cnnmoney(London)June 24, 2015:11:34 AM ET Most stock quote data provided by bats.Market indices are shown in real time, except for the djia, which is delayed by two minutes.All times are et.Disclaimer.Morningstar:2015Morningstar, Inc.Factset:Factset Research Systems Inc.2015.Chicago mercantile association:Certain market data is the property of chicago mercantile exchange inc.And its licensors.Dow jones: TheDow jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of SDow jones Indices LLC and have been licensed for use to S Opco, LLC and CNN. Standard Poor's and S are registered trademarks of Standard Poor's Financial Services LLC andDow jones is a registered trademark ofDow jones Trademark Holdings LLC. All content of theDow jones branded indices SDow jones Indices LLC2015 and/or its affiliates.
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