Prince Harry & Meghan Markle Face a 'Steep Cost' To Keep Their Montecito Mansion
Prince Harry and Meghan Markle seem determined to keep their Montecito, California mansion, but its “steep cost” may force a sale, according to real estate experts.
The New York Post ran the numbers on the Sussexes’ property, and the media outlet believes the property costs them “a staggering $600,000-plus a year in mortgage payments and tax alone.” Even though the royal couple shared in their People announcement that they intend to keep their California home, a Santa Barbara source claimed there “have been rumblings” that Harry and Meghan might be interested in selling the residence.
Douglas Elliman real estate agent Jason Streatfeild also theorized that they might be doing an off-market listing right now. He added, “I have a strong feeling that it’s already being discussed and shown.” In addition to their Southern California home, the couple also owns a property in Portugal — and their overhead is a staggering amount.
They bought the Montecito property in June 2020 for $14.65 million with a $9.52 million adjustable-rate mortgage. At the time, mortgage rates were low, but with escalating prices, their estimated monthly payment “runs somewhere between $40,000 and $43,000 a month.” Their 2025 property taxes totaled $149,668, and that’s all without adding the Sussexes’ hefty security tab, home insurance, and upkeep on the estate.
There have been rumors circulating that Harry and Meghan were stressed financially after the end of the Spotify and Netflix deals and the Duke of Sussex’s privacy lawsuits in the U.K. Celebrity Net Worth has Prince Harry’s estimated fortune at $60 million, and that still might not be enough to sustain their two-household lifestyle.
“Harry worries about money constantly now. He never imagined financial stress would dominate his life the way it does today,” a palace insider told Rob Shuter’s Naughty But Nice Substack in May.
If Harry and Meghan decide to sell their Montecito estate, it could be a lucrative outcome. Streatfeild estimates that they could pull in “somewhere between $65 and $55 million based on what it has to offer in its location” because “the demand for Montecito has exploded and the average sales price is just about doubled since they purchased the property.”
For now, Harry and Meghan are holding onto their California dream, but with hefty maintenance and a potential multimillion-dollar payday, their Montecito property could become one royal asset that’s on the chopping block.