Princes share in Queen Mother's estate

The young princes will collect a second payout when they reach 40

Princes William and Harry are likely to share about £14m from the estate of their late great grandmother, it is reported.

The bulk of the cash will go to the younger brother, since William will benefit financially by becoming king.

But, according to The Guardian newspaper, neither will receive anything until their 21st birthdays.

Then, they will share £6m. When they reach 40, they will collect another £8m.

The Queen Mother received £643,000 annually from the civil list - one of only three members of the royal family to be paid this way.

The Queen Mother set up a trust fund for the children

Aside from her, the Queen and the Duke of Edinburgh receive an allowance "to enable them to carry out their public duties".

Since 1993, the Queen has repaid to the Treasury the annual allowances which used to be paid to other members of the Royal family.

Shrewd

Aside from her allowance from the Civil List, some estimates put the Queen Mother's overall worth at nearly £70m.

This money has come largely from shrewd investments which include paintings, a valuable Faberge egg collection, china and jewellery, though most of this will be passed to the Queen as it is part of the royal collection.

In 1994, it is reported she put aside two-thirds of her money into a trust fund for her great grandchildren.

Princess Anne's children Zara and Peter Phillips and Prince Andrew's daughters Beatrice and Eugenie together with Princess Margaret's children Viscount Linley and Lady Sarah Chatto will also receive a cash gift.

Unbeaten

The Queen Mother was well known for her passion for racing and owned a number of successful horses - though it is doubtful whether she collected more in winnings than the considerable cost of owning and training.

Sandown Park and Kempton Park racecourses were the venues that provided her with the most success over the years.

At Kempton Park in 1950 her horse, Manicou, won the King George VI Chase, but it was Sandown Park, her favourite racecourse, which provided her with 79 victories.

In 1984 Special Cargo won the Whitbread Gold Cup and he also won three Grand Military Gold Cups at the same track.

Her record of five wins in the Grand Military has yet to be beaten.