Late Queen Elizabeth and King Charles made a fortune by selling horses received as gifts

Late Queen Elizabeth and her son King Charles made a fortune out of the sales of horses they had received as gifts from prominent figures, according to The Guardian which is publishing "Cost of Crown" series on the royal family's wealth.

A month before the coronation of King Charles, the report said the Queen and her son made almost £2m from the sale of horses.

The Guardian said it has identified more than 40 horses that were apparently given to the queen by a Dubai sheikh, a Muslim religious leader and a Saudi royal.

According to the publication, the Buckingham Palace indicated that it regards the horses given to the queen as private gifts. A spokesperson said: “Personal gifts given to Queen Elizabeth by those who knew her late majesty privately would remain private, as they would for any other individual.”

They said the monarchy’s gifts policy “makes very clear that gifts are classed as personal when they are given by people whom the member of the royal family knows privately and not during, or in connection with, an official engagement or duty.”

The Guardian reports are expected to damage the the reputation of the royal family ahead of Charles' coronation.

Anti-monarchists, who have already announced protests on the day of coronation, are also likely to use the reports to target the royal family.