The Crown Estate is an independent statutory corporation managing a portfolio of UK land and seabed held "in right of the Crown" — belonging neither to the government nor to the monarch as private property. Established in its current form by the Crown Estate Act 1961, it spans three businesses: a Marine portfolio controlling most of the UK seabed and its offshore-wind leasing rights; a central London estate anchored by Regent Street and the West End; and the Windsor & Rural holdings. Its entire net surplus is paid to HM Treasury.