Buckingham Palace is not the personal property of the King; rather, it is held in trust by the Crown Estate for the benefit of the nation and the reigning monarch. This means that while King Charles III resides there and uses it for official state functions, he cannot sell the palace or the land it sits on. The property belongs to the "Sovereign in right of the Crown." The Crown Estate is an independent commercial business, and its profits are paid to the UK Treasury, with a portion (the Sovereign Grant) being used to maintain the royal palaces and fund the King's official duties. In 2026, this arrangement continues to ensure that the palace remains a national monument and a working headquarters for the monarchy, rather than a private asset. Historically, the site was acquired by George III in 1761, but it became the official London residence of the British monarch only in 1837 with the accession of Queen Victoria.