Survey puts a price tag on Queen's Sandringham home

Now Sandringham, the Royal Family's much-loved Norfolk retreat, is said to be worth more than £55m.

A survey of the Queen's property portfolio, carried out by retirement home builders McCarthy and Stone, reveals that Elizabeth II's palaces and stately homes are worth a combined £3.7bn.

Buckingham Palace, which is actually owned by the state, is the most valuable Royal property (Image: PA)

Buckingham Palace tops the list at £1.3bn, followed by St James's Palace (£600m) and Windsor Castle (£500m). All three are owned by the state.

Sandringham, owned personally by the Queen, comes eighth on the list.

McCarthy and Stone reckon anyone on the average local wage of £24,500 would have to save up for 336 years to be able to stump up a 15pc deposit.

The Queen inherited Sandringham from her father, King George VI (Image: Archant)

It says the average property price in the area is currently £277, 321 - more than 10 times the £22,000 Queen Victoria shelled out to buy Sandringham and 8,000 acres of land for her eldest son and heir Prince Albert, later Edward VII, in 1896.

The Queen clearly knew a good investment when she saw one. Two beach huts up the road at Heacham are currently on the market for £25,000 and £26,000 respectively - more than she paid for the entire estate.

Victoria's main motivation for buying the house was to provide a marital home for her son and his new bride Princess Alexandra of Denmark.

So beyond its bricks and mortar value, the property comes steeped in royal history.

King George V was born and died there. His son, George VI, father of the current Queen, also passed away at Sandringham, starting Elizabeth II's 70-year reign in February, 1952.

There is no suggestion the Queen or her heirs would ever consider selling it.

But King George VI had to buy both Sandringham and Balmoral back from his brother, Edward VIII, when he was forced to abdicate in 1936.

George VI paid £300,000 for both properties - a sum that would barely buy a Victorian semi in Hunstanton today.

The Queen's Portfolio

Total estimated worth £3.7bn

1. Buckingham Palace £1.3bn

2. St James’s Palace £600m

Windsor Castle is the Queen's third most valuable property (Image: PA Wire/PA Images)

3. Windsor Castle £580m

4. Kensington Palace £558.2m

5. Clarence House £298.3m

6. Hillsborough Castle £70m

Balmoral Castle forms the backdrop to a game of circket (Image: PA Archive/PA Images)

7. Balmoral Castle £60.3m

8. Sandringham House £55.1m

9. Palace of Holyrood House £55.1m

10. The Royal Lodge, Windsor £35m