The worst economic recession in generations has seen the British monarch loosing 1.3 billion pounds from the value of her assets in the property market collapse, a news report said on Thursday.

The Crown Estate, which supervises Queen Elizabeth's land and property empire, slumped in value from 7.3 billion pounds to 6 billion pounds in the year to March. The 18 per cent decline in its potential asking price was the first since 1993, the Daily Mail newspaper reported.

The Crown Estate's annual report showed that the value of its assets, which excludes Queen Elizabeth's privately-held royal palaces, have been hit badly by falling office and retail rents in the recession.

The British Queen received more than 500,000 euros in European agricultural subsidies in 2008.

According to figures released by the department of rural affairs (Defra), the monarch -- who is Britain's 214th richest person according to the Sunday Times Rich List -- received 473,583.31 pounds (about 700,000 dollars, 530,000 euros) for her farm at Sandringham.

Her eldest son, Prince Charles, received 95,222.56 pounds for his Duchy of Cornwall, and 86,262.98 for the Duchy's farm -- a total of 181,485.54 pounds.