AN ANCIENT, treasured building in Lostwithiel has been saved by a royal trust, the Cornish Guardian can reveal this week.

After months of negotiation the Old Duchy Palace, one of Cornwall's most important historic buildings, was bought by the Prince's Regeneration Trust, founded by the Prince of Wales.

Sensitive negotiations through Jeffrey's estate agents to buy the former Masonic lodge which had become under-used were kept secret for nearly a year.

Local people were alarmed by the prospect of it falling vacant and derelict so Cornwall Building Preservation Trust (CBPT) asked the trust to step in and save it.

Lostwithiel's mayor, Robert Peareth, said: "We are delighted it is out in the open now and I'm sure local people will be thrilled to hear it will be restored to its former glory."

Contracts have been exchanged and the deal is expected to be completed in January.

Built at the end of the 13th century, the Duke of Cornwall's palace was used as the administrative centre for the Duchy of Cornwall.

It fell into ruin in the 17th century and various fragments of a much larger building, including the Convocation Hall, have been built into the surrounding properties over time. The trust will renovate the original kitchen of the Great Hall, which was at one time used as a stannary for Cornish tin.

CBPT carried out a feasibility study earlier this year highlighting the building's importance, demonstrating possibilities for future use.

The Prince's Regeneration Trust plans to restore the building's character and medieval architecture.

It will then secure a viable and sustainable long term use for the palace.

Consultation involving local people will take place in the coming months and it is hoped by spring 2009, its intended use will be announced.

The Prince's Regeneration Trust's CEO, Ros Kerslake, said: "This is a building of prime historic importance that was under threat of being lost entirely to the Cornish community unless we stepped in.

"We can bring our complementary skills and expertise together to protect one of Cornwall's most important buildings for future generations."

Ms Kerslake emphasised the importance of finding donor funding to accomplish the trust's plans for regeneration.

She said: "Identifying a long term use is just one of four essential steps that the trust will now embark upon, along with securing grant and donor funding, converting it, and then enabling some public access."

She said the trust usually has around 40 projects on the go at one time, but the Grade One listed palace was a rare opportunity.

"When we saw the palace we decided to do everything we could to prevent it from going on the open market and save it from potential disrepair," she said. "It needs work, but it is far from derelict."

The Duke of Cornwall Benevolent Fund also provided money to secure the building.