The slump in British real estate prices has reached into high places, with Prince Charles said to be deep underwater on a Scottish estate he hopes to transform.

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Real estate experts say the value of the land around Dumfries House in Ayrshire has plummeted by 80 percent since the prince took out a loan for 20 million pounds ($30.7 million) secured by the property in 2008, The Scotsman reported.

Charles arranged the purchase of Dumfries House to avoid the contents -- valuable paintings and furniture -- being auctioned off and split up. John Dumfries, Marquess of Bute, had put the 18th century mansion on the market.

The prince wants to create a model village of 770 houses on the 70 acres of land in Knockroon.

Unable to raise enough money in charitable donations for the purchase, Charles set up a new company, Dumfries Farming and Land Ltd. The Knockroon land, valued in 2008 at almost 15 million pounds ($23 million), became security for a loan from the Royal Bank of Scotland.