This is Clarence House, which will serve as a ‘starter home’ for the royal newlyweds Prince William and Kate.

Recently valued at $76.68 million by British real estate website Zoopla, the home’s value is 343 times the average starter home in England, which is $223,282, according to Curbed. Meanwhile, Buckingham Palace is currently valued at $1.6 billion, marking the most valuable private residence in the world.

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Built between 1825 and 1827 for Prince William Henry, Duke of Clarence, it was the London home of Queen Elizabeth the Queen Mother from 1953 until 2002 and also the home of The Queen, then Princess Elizabeth, and The Duke of Edinburgh following their marriage in 1947.

Designed by John Nash, the four-story house is said to have undergone extensive remodeling and reconstruction over the years and underwent a major refurbishment right before Prince Charles moved there in 2003.

Today the house is the official London residence of Prince Charles and The Duchess of Cornwall and Princes William and Harry, and now Kate as a new member of the royal household.