The Berkshire-based college is one of Britain's wealthiest

Ursula Arnott, who died recently, lived at St Briavels in Gloucestershire and was well known to neighbours as she tended her cows and ran a local milk round.

The 86 year old was the last surviving member of her family.

After her death, the childless spinster's seven-bedroom manor house was found to be packed with valuable antiques.

Locals said the property had been badly neglected and suffered from damp.

They expressed surprise Ms Arnott had not sold the house and possessions to fund a comfortable retirement.

Rare books

Instead she decided to leave her estate, Aylesmore Court, to the Old Etonian Trust.

The money, which will be used to fund bursaries, will make a big difference to the trust, which had assets of �2.2m in 2002.

Ms Arnott's family had strong links to the school. Her father and brother Hughie were both educated there.

Her collection of silverware, clocks, paintings, rare books and jewellery fetched �300,000 at auction.

Among the valuable items was a rare early edition of John Milton's Paradise Lost.

The house, along with four cottages, is expected to sell for �1.5m.

Prince William and his younger brother Harry both attended Eton.