The Royal Collection, which includes thousands of historic works of art and the Crown Jewels, is not owned by the Queen personally but is held in trust, as are her official residences, such as Buckingham Palace and Windsor Castle, and the Duchy of Lancaster, a property portfolio valued in 2014 at £442 million. Sandringham House and Balmoral Castle are privately owned by the Queen. The British Crown Estate – with holdings of £9.4 billion in 2014 – is held in trust by the sovereign and cannot be sold or owned by Elizabeth in a private capacity.