updated 06/28/2012 AT 10:00 AM ET
•originally published 06/28/2012 AT 1:45 PM ET
His late mother Princess Diana may have left him more than $16 million for his 30th birthday last week, but Prince William is not about to dip into the fortune – at least, not to buy a home for himself and wife Kate.
And, despite some reports to the contrary, he also has no plans to help his in-laws, Michael and Carole Middleton, buy their $7 million dream manor house in Bucklebury, about 55 miles west of London.
With their purchase of the seven-bedroom property, complete with tennis court on its 18 acres, set to be completed, a royal source tells PEOPLE it is not true William is helping to fund any of it.
The source does say that William and Kate, also 30, are happy with their current living arrangements, which has them living in a four-bedroom house on Anglesey in north Wales and a small cottage at Kensington Palace.
“They have two residences in Wales and Kensington Palace, and that is not about to change,” says the source.
Still, the royal couple will have to wait some time to forge ahead with moving into their more upscale digs at Kensington Palace. Surveyors and other experts are not able to get to go into apartment 1A (former home to the Queen’s sister, the late Princess Margaret) until September.
After that comes the long process of refashioning the palace and decorating it to the couple’s specifications.