Princess Diana married into one of the world’s most famous royal families, but she was already born into wealth and privilege. The Spencer family had owned land, grand homes, and valuable collections for hundreds of years before Diana married Prince Charles.
Their story goes back more than five centuries, and surprisingly, much of their early fortune started with sheep.
Princess Diana’s Family Was Wealthy Long Before Her Royal Marriage
The Spencers came from fairly simple farming roots. By the 15th century, though, their sheep business was making them very wealthy. John Spencer helped grow the family’s fortune by raising sheep mainly on rented land and then using the profits to buy property. He bought Wormleighton Manor in 1506. Two years later, he bought Althorp from the Catesby family for £800, worth around $1.1 million today.
The family’s place in society quickly grew along with its wealth. John Spencer and his brother received a coat of arms in 1504, and Henry VIII knighted John in 1519. By 1577, records showed that the Spencers had almost 14,000 sheep. Their breeding stock became highly valuable, while wool and livestock sales brought in plenty of money. Robert Spencer inherited Althorp in 1599 and was reportedly England’s richest man when James I became king in 1603. After hosting Queen Anne and Prince Henry at Althorp, Robert became the 1st Baron Spencer of Wormleighton that same year.
The Spencers moved further into Britain’s upper classes over the following decades. Charles I made Henry Spencer the 1st Earl of Sunderland in 1643. Sadly, the 22-year-old died at the First Battle of Newbury that same year. The family’s fortune survived, however, and Althorp became its main home. More wealth arrived through marriage when Charles Spencer married Lady Anne Churchill in 1700. Anne reportedly brought £20,000 into the marriage, worth around $5 million today.
In 1733, the Spencer family split into two branches. The senior branch inherited the Dukedom of Marlborough and Blenheim Palace and later used the Spencer-Churchill surname. Winston Churchill came from this side of the family, although he did not use Spencer in his name. Charles James Spencer-Churchill heads the branch now, and recent estimates put the wider family’s wealth at around $245 million. Diana, meanwhile, came from the Althorp side of the family.
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Althorp Became The Center Of The Spencer Fortune
The Althorp branch had plenty of money of its own. John ‘Jack’ Spencer received Althorp and other estates when his elder brother inherited the Dukedom of Marlborough. Then, in 1744, his grandmother Sarah, Duchess of Marlborough, left him a large share of her fortune. John reportedly had an annual income of nearly £30,000 when he died two years later, equal to around $8 million today. His 12-year-old son, also named John, inherited the money and estates and later built Spencer House beside London’s Green Park in 1756, and George III made him the 1st Earl Spencer nine years later.
The family also collected valuable books and artwork. George John Spencer, 2nd Earl Spencer, created one of the world’s finest private libraries at Althorp. In 1892, the 5th Earl sold more than 40,000 books to Enriqueta Rylands for £210,000, equal to around $32 million today. The collection later became an important part of Manchester’s John Rylands Library. The Spencers also had a long connection with politics. The 5th Earl served twice as Lord Lieutenant of Ireland and later became First Lord of the Admiralty. His half-brother Charles, the 6th Earl, also entered politics. When Diana’s grandfather Albert Spencer became the 7th Earl in 1922, however, the family’s long political tradition largely came to an end.
By the early 20th century, the family had a different problem. They owned a lot of land and valuable property, but keeping everything running cost a huge amount of money. Farming income had fallen, while taxes and repair bills kept rising. Albert later inherited debts, mortgages, taxes, and estates that needed costly repairs. The family left Spencer House in 1926 and rented it out to bring in money. Albert also sold valuable artwork, including a Holbein portrait of Henry VIII. The painting reportedly sold for £10,000, around $1.3 million today. He then opened Althorp to the public in 1953 to help cover its costs.
Diana’s father, John Spencer, became the 8th Earl in 1975 and inherited Althorp along with debts and a large inheritance-tax bill. A former army officer and royal equerry, he remained close to the Royal Family, but he also had to sell some of the family’s treasures. Around 20% of Althorp’s contents were sold during his time, including about 200 artworks and furnishings. The sales included 11 Van Dycks and paintings by Reynolds and Teniers. He reportedly thought about selling copies of Diana’s wedding dress to raise money but dropped the idea after criticism.
Despite the debts and sales, his estate was worth around £88 million when he died in 1992, equal to roughly $270 million today. Much of that wealth belonged to Althorp, its contents, and other family assets.
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Diana Later Built A Fortune Of Her Own
Diana’s brother Charles became the 9th Earl Spencer at just 27 after their father’s death. He inherited Althorp along with the expensive job of maintaining it. Charles later carried out extensive renovation work and sold selected family assets. In the late 1990s, he offered several historic manorial titles for sale, partly to lower future inheritance-tax costs. More than 300 items from Althorp were also put up for auction. In 2010, paintings, furniture and other treasures brought in more than £21 million, equal to around $45 million today.
His three divorces have also affected the family finances. Still, reports put his estimated wealth at $170 million in 2020, when he ranked joint 955th in the UK. He disappeared from the ranking the next year after the list reduced.
Diana also became independently wealthy after her 1996 divorce from Prince Charles. She reportedly received around £17 million in a lump-sum settlement, equal to about $45 million today, along with money for her private office. When she died in 1997, her estate included investments, jewelry, cash, clothes and other possessions. It was eventually valued at £21.5 million, around $58 million today, with most of it left equally to Princes William and Harry.
Diana’s sisters also benefited from the family fortune. Lady Sarah McCorquodale was one of the main beneficiaries of their father’s estate and married wealthy Lincolnshire landowner Neil McCorquodale. Lady Jane Fellowes married royal courtier Robert Fellowes, later Baron Fellowes. After he died in 2024, his estate was valued at around £1.5 million ($2m), with almost all of it left to Jane.
The younger Spencers have also made their own money. Charles’s daughters Lady Kitty, Lady Eliza and Lady Amelia Spencer are signed to Storm Model Management. Kitty has found particular success in fashion, including a long relationship with Dolce & Gabbana. She married fashion businessman Michael Lewis in 2021, whose fortune has been estimated at $108 million. One 2023 estimate placed their combined wealth at around $200 million, while their London home was reportedly worth $26 million.
Despite having three older sisters, Charles’s eldest son Louis Spencer, Viscount Althorp, is expected to inherit Althorp because of the family’s male inheritance tradition. Louis, who works as an actor under the name Louis Lyons, is expected to inherit the 13,500-acre estate, its 90-room mansion and its art collection. He has already attended trustee meetings to prepare for taking over the family home one day.
So, Princess Diana did not enter the Royal Family from an ordinary background. More than 500 years of Spencer history had already created an impressive family fortune through farming, land, property, marriage, art and inheritance. Taxes, debts, divorces and the cost of maintaining Althorp have reduced parts of that wealth over time, but the family still owns valuable assets, including Althorp and Spencer House.
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