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 is giving up the lease on a cottage in Wales, The Telegraph reported.
• Sources told the newspaper he was returning the keys as he couldn't use the home like he used to.

King Charles 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 the King had decided to hand back the keys of Llwynywermod, a cottage outside the Bannau Brycheiniog national park, because he can 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 son William now controls.

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

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

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

Royal sources told The Telegraph 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 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 from Insider, made outside normal working hours.