Can Meghan Markle and Prince Harry Afford Their New House in Santa Barbara? Experts Are Concerned
Meghan, Duchess of Sussex, and Prince Harry have decided to set up their lives permanently in California. When the royal couple landed in Meghan’s hometown of LA in March 2020, shortly after their final royal engagements, fans and experts were perplexed.
After all, one of the Sussexes main reasons for leaving the British royal family was to live a more peaceful and private life away from the spotlight. LA seemed like the opposite of that. Rumors also swirled that Prince Harry was having a particularly challenging time adjusting to LA life especially amid the coronavirus (COVID-19) pandemic. It appears that duo compromised and decided to set down roots 100 miles outside of LA in Santa Barbara.
In July 2020, the Sussexes purchased their first home together, a dazzling estate. However, experts don’t know how the pair are able to afford their new home.
Inside Meghan Markle and Prince Harry’s new $14.7 million house
Tucked away in the private community of Montecito in Santa Barbara, the Sussexes’ new home is beyond impressive. They purchased the home at a massive discount for $14.7 million. At 19,000 square feet, the house has more than enough room for the entire royal family and Meghan’s mom, Doria Ragland, who is reportedly living with the couple and their young son, Archie Harrison.
The house includes nine bedrooms and 16 bathrooms as well as a guest house, a tea house, a children’s cottage, a full-size tennis court, a lap-lane swimming pool, and an elaborate built-in children’s playset.
Since it is rumored that the Sussexes are looking to expand their family in the near future, it’s clear they have more than enough room to grow.
Prince Harry and Meghan Markle refused to accept help from the British royal family to buy their house
Though they are worth upwards of $30 million together, a house worth $14.7 is half of their fortune. Many people assumed that despite their desire for financial independence, the Sussexes’ leaned on Prince Charles in order to buy their home. However, Finding Freedom co-author Omid Scobie revealed that was untrue. He told Entertainment Tonight,
There’s been a lot of speculation about Prince Charles potentially funding this. But this is really a moment for them to find their independence. They’ve done this on their own. Like many couples, they have a mortgage. Both of them are extremely liquid when it comes to their assets. Harry brings a lot to the table himself and Meghan lives off residuals from Suits and the many appearances that she’s done in other projects too.
Still, despite their forthcoming Archewell foundation and a super-secret project they are currently shopping in Hollywood, the Sussexes haven’t earned a dime since Megxit.
Experts are concerned Meghan Markle and Prince Harry can’t afford their house
Meghan and Prince Harry’s new home is reportedly worth at least $10 million more than what they purchased it for. Daily Mail is reporting that the duo has a $9.5million mortgage and that running costs per year on the home are beyond astronomical.
The mortgage is estimated to be around $480,000 a year, with property tax at $68,000. Any staff they might get could cost them $300,000, utilities are $24,000 and security at $3.3million Therefore it will cost the pair about $4.4 million just to live, in addition to the money they are paying back British taxpayers for Frogmore Cottage renovations.
Still, with their forthcoming projects, it looks like the duo are unbothered by the eye-watering overhead costs. “They do have a mortgage, but they see this as their own place, free from relying on anyone else – a proper family home,” an insider explained.
We just hope these two will find peace and happiness.