We don't know exactly what race (or races) the ancient royal family was, or if that changed significantly over time. It is fairly clear that the male line (so-called scarlet thread) of kingship went unbroken throughout the dynastic period. There could have been some racial admixture from the female side. We can now say for certain that the pharaohs were not predominantly African/black. I would say that there are Caucasoid, Semitic, African, and even Oriental traits, but it is perhaps impossible to know the exact proportions. To me, this is only a matter of keen interest to scientists and racists. It's not something I need to personally answer.
The 3-D facial reconstruction made of King Tut from CAT Scan images and other data was removed from the traveling exhibit because it caused so much controversy. See also:
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