Prince George’s godfather, the Duke of Westminster, has been forced to sell off £700million of his family’s 340-year-old property empire following huge losses. Hugh Grosvenor’s company, based in Mayfair and controlling a substantial portfolio of London real estate, is looking to offload US assets following a major decline in revenue. The Grosvenor Group recorded losses of £108million in North America last year, with a total worldwide revenue loss of £23.2million in 2025.
The billionaire duke, who is a close friend of both Prince William and Prince Harry, inherited the family assets when his father unexpectedly died of a heart attack in 2016. James Raynor, chief executive of the group, said the US portfolio would be sold off “over a period of time”.
The firm’s website lists properties across US cities including San Francisco, Los Angeles, Seattle and Washington in “well-connected locations that benefit from strong demographic and environment fundamentals”.
The Grosvenor Group’s UK portfolio has fared better, with underlying profits of £88.7million in 2025, a 14% improvement on the previous year. It also achieved a 97% occupancy rate across its capital holdings in London, according to GB News.
Hugh is the only son of the late Gerald Grosvenor, 6th Duke of Westminster, whose ancestor Sir Thomas Grosvenor, 3rd Baronet, founded the family firm in the 1600s.
The 34-year-old duke topped The Sunday Times 40 under 40 List in 2024, with a net worth of £10.1 billion.
The 34-year-old is one of seven godparents to William’s oldest son, who is second in line to the throne after his father.
His godmothers are William’s cousin Zara Tindall, a close friend of Princess Kate’s, Emilia Jardine-Paterson, and psychotherapist Julia Samuel.
His godfathers, alongside Hugh, are William’s former private secretary Jamie Lowther-Pinkerton, the Wales’s university friend Oliver Baker and the prince’s childhood friend William van Cutsem.