$500 Million Reno Means King Charles Won’t Live In Buckingham Palace For 5 Years

King Charles may be the new monarch, but it will be some time before he is ready to call Buckingham Palace home.

According to several British newspapers, the newly ascended king is “not a fan” of Buckingham Palace and will wait for a dazzling £369 million – more than half a billion Canadian dollars – renovation to the estate before even considering moving in.

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“I know he’s not a fan of ‘the big house’, as he calls the palace,” a source told The Sunday Times. “He doesn’t see it as a viable future home or a home fit for the modern world. He believes that its maintenance is unsustainable, both from a cost and environmental point of view.”

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In this photo, taken on September 11, 2022, Britain’s King Charles III performs official government duties from his red box in the eighteenth-century room at Buckingham Palace, London.

Victoria Jones/PA via AP

The restoration and repairs to the palace are said to include new wiring, plumbing and heating, and are believed to be about halfway through the 10-year renovation.

“The renovation is way behind schedule, but the Monarch should live in Buckingham Palace. It is the heart of the monarchy in London, otherwise it threatens to become a tourist attraction. We basically have a king with no palace to live in,” a source told The Sun.

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Buckingham Palace served as Queen Elizabeth II’s long-term residence, but Charles and Queen Consort Camilla will have to wait up to five years for the renovation of the 775-room royal headquarters to be completed before moving in.

“The necessary works are expected to be completed for Their Majesties to take up residence in 2027,” a Buckingham Palace spokesman told The Sunday Times, adding that official business would still be handled from the palace “where practical.” .

Click to play video: 'Buckingham Palace needs major repairs'

Buckingham Palace needs major repairs

In 2018, The Firm outlined plans for refurbishment in the east wing of the palace, saying some 3,000 pieces from the Royal Collection were being moved while electrical work and plumbing were replaced.

Prime Minister of Canada Justin Trudeau meets Queen Elizabeth II during a private audience at Buckingham Palace on November 25, 2015 in London, England.

Yui Mok / PA via Getty Images

Charles and Camilla currently live in Clarence House in London, a short walk from the palace. They also spend time in other royal residences, including Windsor Castle and Sandringham in Norfolk.

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Previously, Charles had outlined his plans to essentially live in the palace in a “flat above a shop” as king, in keeping with reports that he aspires to a modest, more streamlined monarchy.

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There’s a rather complicated “Game of Homes” going on in the wake of the Queen’s death, as members of the Royal Family are destined to receive new property. Recently there has been news that William and Kate, the Prince and Princess of Wales, will inherit a number of new pieces of royal property, including Frogmore House on the Windsor Estate, as well as one of the King’s properties in Wales called Llwynywermod.

Click to play video: ''Absolutely wonderful': William and Kate meet mourners in Sandringham after Queen Elizabeth's death'

‘Absolutely wonderful’: William and Kate meet mourners in Sandringham after Queen Elizabeth’s death

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