Prince Harry and Meghan Markle's receive staggering £11.7m boost ahead of pivotal month
The Duchess of Sussex's new show was filmed in Montecito.
Netflix
Prince Harry and Meghan Markle's California mansion has doubled in value since their 2020 purchase, reaching a staggering £23.3 million ($29.6 million).
The couple's Montecito property has far outpaced the general California housing market, which has seen median home prices rise by 41 percent since June 2020.
The nine-bedroom mansion's remarkable 110 percent value increase demonstrates exceptional growth in one of America's most exclusive neighbourhoods.
The 18,671-square-foot property has shown particularly strong performance against even Montecito's robust market, where median home prices have increased by 47 percent in the same period.
Prince Harry and Meghan Markle's California mansion has doubled in value since their 2020 purchase, reaching a staggering £23.3 million ($29.6 million).
Getty
According to property records, the mansion was valued at £11.1 million ($14.1 million) when the Duke and Duchess of Sussex purchased it in June 2020 for £11.6 million ($14.7 million).
Current Zillow estimates now place the property's worth at £23.3 million ($29.6 million).
The home has demonstrated remarkable recent growth, with a 6.2 percent increase in value over the past month alone.
This surge comes as California's housing market shows renewed strength, with the state recording its largest yearly increase in existing home sales since June 2021 in November 2024.
Meghan's upcoming Netflix series "With Love, Meghan," premiering on 15 January, could further boost interest in the area's property market.
The Duke and Duchess of Sussex purchased the property for £11.6m in 2020.
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Charlie Lankston, executive editor at Realtor.com told Newsweek: "The release of Meghan's new Netflix series will undoubtedly only increase interest in the couple's home life despite the fact that it wasn't actually filmed inside the couple's marital mansion."
The homemaking series, whilst filmed at a separate £6.3 million ($8 million) property, is expected to draw renewed attention to the couple's primary residence.
Hannah Jones, senior economic research analyst for Realtor.com noted that such dramatic value increases are unusual: "Even in in-demand Montecito, a home doubling in value since 2020 is not typical."
Recent data shows Montecito's housing market has experienced mixed signals, with sales down 36.4 percent year over year in November 2024.
However, the area's overall property values have continued to climb, with median prices rising 47.3 percent over the past five years.
This growth has surpassed the broader California market, where home prices have increased by 29.7 percent during the same period.
The state's property market has shown renewed vigour, with home sales up 12.4 percent year over year in November 2024.
Jones suggests that "renovations, additions and general fame-driven popularity" could explain the exceptional growth of the Sussex property.
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The exceptional growth of the Sussex property aligns with Montecito's increasing prominence as a celebrity destination.
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The exceptional growth of the Sussex property aligns with Montecito's increasing prominence as a celebrity destination.
Lankston said: "Montecito itself has cemented its place on the map as one of California's most sought-after celebrity enclaves."
The area has attracted numerous high-profile residents, including Oprah Winfrey, Ellen DeGeneres, and Katy Perry and Orlando Bloom.
These celebrity neighbours contribute to the area's desirability, with Lankston noting that "all of these factors can only help to drive up the value of homes in that area."
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