From 1329 to 1338, he served as governor of Gorizia, Friuli, and Istria for his minor nephew Count John Henry IV.

Three years later, he waived his rights to Gorizia and went on to rule in Istria (Mitterburg) and in the Windic March, including County of Metlika.

Albert III married a noblewoman named Helen and later, in 1353, with Catherine, a daughter of Count Frederick I of Celje.

Shortly before his death about 1374, Albert bequested his vast Istrian and Carniolan possessions to the Habsburg duke Rudolf IV of Austria.

The remaining Gorizia estates were inherited by his surviving half-brother Meinhard VI, who was elevated to a Prince of the Holy Roman Empire by Emperor Charles IV.