Britain's Prince Charles is reportedly set to acquire one of the UK's most ancient estates, Port Eliot in Cornwall.

Prince Charles

Prince Charles

The estate is home to one of most well-known annual arts festivals and is also said to be among the oldest continually inhabited houses in the country.

The purchase has, however, proven to be contentious in some quarters, with its current owners having become embroiled in an internal dispute about its future, the Daily Beast reports.

As well as being home to the festival, Port Eliot also boasts its own church, Iron Age fort, and a train station, in addition to a viaduct and boat house.

Earlier this week, meanwhile, it was reported Prince Charles wants to be financially independent of the state.

The future king would apparently like to end the custom whereby monarchs sign over Crown Estate earnings to the government in exchange for a Sovereign Grant.

Under the approach Charles is said to advocate, he could independently cover most royal costs, especially if he manages to slim down the monarchy.

A source added: "William wants to slim it even more."

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