Prince Harry and Meghan Markle may be considering selling their Montecito mansion, despite their public statements about retaining the property as they relocate their family to the United Kingdom. Sources within the Santa Barbara luxury real estate market suggest that brokers are already anticipating a potential listing for the estate, with one noting, "every broker wants that listing."
This potential sale comes as the substantial costs associated with maintaining the 7.38-acre property have been revealed. Annual expenses for mortgage payments and property taxes alone are estimated to exceed $600,000. The couple's company, Rockbridge LLC, purchased the estate in June 2020 for $14.65 million, financed by a $9.52 million adjustable-rate mortgage. This loan is estimated to cost between $40,000 and $43,000 per month, totaling over $480,000 annually before other expenses.
Property taxes for the estate have also been significant, reaching $149,668 for 2025. Records indicate the annual tax bill has steadily increased since the Sussexes acquired the home, accumulating approximately $721,000 in property taxes over five years. When combined with insurance, groundskeeping for the extensive acreage, and security details, the fixed annual cost of ownership is believed to surpass $650,000.
The Duke and Duchess of Sussex are reportedly planning to move to the UK this month with their children, Archie and Lilibet, ending their six-year residence in California. The children are expected to begin schooling in Britain in September, and the couple intends to establish a new private residence there, the location of which remains undisclosed. King Charles was reportedly informed of the move over the weekend.
While Harry and Meghan have stated their intention to keep both their Montecito home and a vacation property in Portugal, the financial burden of the California estate presents a considerable challenge. Compounding financial pressures could include an eight-figure sum Harry may owe to a British newspaper company following a lost legal case.
Despite the potential sale, the property is valued significantly higher than its purchase price. Real estate platforms Zillow and Redfin estimate its current market value between $30.5 million and $55.8 million. Experts suggest that a home of this caliber, featuring approximately 18,000 square feet with nine bedrooms and 17 bathrooms, situated on seven acres with ocean views, could be listed for around $75 million and potentially sell between $55 million and $65 million. This would represent a substantial profit for the couple, especially considering they purchased it when it had been on the market for five years, originally listed at $34.5 million in 2015. The Montecito real estate market has seen significant appreciation since their purchase, with average sales prices reportedly doubling.
Recent ventures for the couple have also faced financial scrutiny. Their Netflix documentary series reportedly saw modest box office returns, and their five-year, $100 million production deal with Netflix was not fully renewed, transitioning to a smaller first-look arrangement. Additionally, Meghan Markle's lifestyle brand, As Ever, has reportedly faced challenges with unsold inventory, with estimates of significant write-offs for perishable goods like jam.