The Duke of Westminster's death makes Hugh Grosvenor the richest young person in Britain

The Duke of Westminster has died after he was suddenly taken ill on his northern Abbeystead Estate.

“It is with the greatest sadness that we can confirm that the Duke of Westminster, Gerald Cavendish Grosvenor died this afternoon at Royal Preston Hospital. He was taken there from the Abbeystead Estate in Lancashire where he had suddenly been taken ill,” said a spokesperson for the Duke of Westminster to the Financial Times.

Now his 25-year-old son, Hugh Richard Louis Grosvenor, is set to inherit his £9.35 billion ($13.32 billion) fortuneas the 7th Duke of Westminster — making him the richest person under the age of 30 in Britain.

Currently, London-based 30-year-old Tom Persson has a net worth of £672 million and is the eldest son of Swedish billionaire, Stefan Persson, according to the Sunday Times’ Rich List.

The Sixth Duke of Westminster, Gerald Cavendish Grosvenor made most of his money from inherited land that dates back to 1677. According to the Sunday Times’ Rich List, he was fifth richest man in Britain.

He owns the Grosvenor family estate, which has 300 acres across west London, including in wealthy areas like Belgravia and Mayfair. His property development pipeline was worth roughly £5.5 billion, as of the end of 2015.

Now his son is set to inherit his estate. Here he is on the far right with Royal family friends Michael and Julia Samuel arrive for the christening of Prince George at St James’s Palace in London October 23, 2013. He was asked to become Prince George’s godfather by Prince William:

Not a great deal is known about Hugh Grosvenor as he leads a very private life. However, he hit the headlines when he allegedly threw a £5 million 21st birthday party.

NOW WATCH: MALCOLM GLADWELL: ‘Anyone who gives a single dollar to Princeton has completely lost their mind’

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.