King Charles is handing back the keys to one of his many homes because he no longer has time to visit, report says

• King Charles III is giving up the lease on a cottage in Wales, The Telegraph reported.

• Sources told the newspaper that he was returning the keys as he couldn't use the home as he used to.

• Since becoming king, Charles was renting the property which is owned by the Duchy of Cornwall.

King Charles III has given up the lease on a residence in Wales because he's too busy to visit it, according to a report.

Royal sources told The Telegraph that the King had decided to hand back the keys of Llwynywermod, a cottage outside the Bannau Brycheiniog National Park, because he could no longer use it like he had done so in the past.

When he was the Prince of Wales, Charles oversaw a vast property empire owned by the Duchy of Cornwall, which his elder son, William, now controls.

The Duchy bought the property in 2007 for £1.2 million, or about $1.5 million, per The Telegraph, as a base for his regular visits to Wales. Charles spent 40 years searching for the right place before finding Llwynywermod, The Guardian reported.

Since the Duchy of Cornwall passed to William, the current Prince of Wales, Charles has personally paid rent on the property, which sits on a 192-acre estate that also has vacation lets.

Charles' decision to give up the lease comes as he tries to reduce the costs of his many residences.

Royal sources told The Telegraph that the properties were "an issue that needs to be addressed," particularly after inheriting Buckingham Palace and Windsor Castle when he became the monarch.

William planned to stay in hotels to support the local economy when visiting Wales so he didn't need a similar base there, representatives for the Prince of Wales told the newspaper.

The Crown Estate didn't immediately respond to a request for comment made outside normal business hours.

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