Prince Harry and Meghan Markle suffer blow as Montecito house prices fall amid cutting UK ties
WATCH NOW: Harry and Meghan 'do need to apologise,' according to Sarah Vine
GB News
Prince Harry and Meghan Markle could face a significant financial challenge with their Montecito mansion as local property prices have plummeted by 14.1 per cent compared to last year.
The Duke and Duchess of Sussex, who reside in the exclusive California neighbourhood with their children Prince Archie and Princess Lilibet, purchased their home for £11million in 2020.
The dramatic drop in local property values, revealed by real estate company Redfin in October 2024, could potentially impact the value of their luxury residence.
The couple's property, officially named the Chateau of Riven Rock, represents a substantial investment that could be affected by the current market downturn.
Prince Harry and Meghan Markle suffer blow as Montecito house prices fall amid cutting UK ties
Getty
Despite the concerning market conditions, the Sussexes currently have no plans to relocate from their American home.
Speaking about their beloved home, Meghan told The Cut: "We did everything we could to get this house. Because you walk in and go… Joy. And exhale. And calm. It's healing. You feel free."
The sprawling mansion boasts an impressive array of amenities fitting for the royal couple.
The property features seven bedrooms, providing ample space for their young family.
The Sussexes moved into their £12million Montecito mansion after they stepped down as working royals and left the UK in 2020Wikimedia CommonsAdditional luxury features include a home office, gym, and wine cellar.
The estate's grounds are particularly noteworthy, featuring an extensive garden complete with a swimming pool.
A children's playhouse on the property offers a special space for Prince Archie and Princess Lilibet.
The family appears to have established a wholesome lifestyle in their American residence, with Meghan reportedly enjoying gardening and tending to their chickens.
Trips from Montecito to central LA can take as long as three hoursTruliaThe current Montecito property market shows concerning trends for luxury homeowners like the Sussexes.
According to Redfin's latest report, the median sale price for homes in the area stands at £4.3million.
Properties in Montecito are now selling more quickly than in the previous year.
The report indicates homes are spending an average of 43 days on the market, compared to 55 days last year.
Meghan lives in Montecito with Harry, Lilibet and ArchieNetflixGiven these market conditions, the Sussexes could face a substantial loss if they were to sell their property in the current climate.
However, with no immediate plans to move, there remains a possibility that property values could recover before any potential future sale.
The couple's £11million investment significantly exceeds the current median sale price in the area, potentially making it more vulnerable to market fluctuations.
The Sussexes appear content in their Montecito residence, having established deep roots in the community.
You may like
