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17h ago

Montecito Home Could Be Sold Despite Sussexes' Intent to Keep It

Estimated annual carrying costs above $650,000 have prompted private off‑market interest.

Harry and Meghan’s Montecito Mansion costs $650,000+ a year—Will they finally sell? | Today News
An image collage containing 3 images, Image 1 shows Prince Harry and Meghan Markle say they’re keeping their Montecito mansion despite relocating the family to the UK, but a Santa Barbara real estate source tells The Post that brokers are already buzzing about a potential listing, Image 2 shows They’ve also paid roughly $721,000 in property taxes since the assessment settled at their purchase price, with insurance, grounds upkeep and security pushing total fixed costs past $600,000 a year, Image 3 shows County records show the couple’s company bought the 7.38-acre estate for $14.65 million in 2020, financed with a $9.52 million adjustable-rate mortgage that runs an estimated $40,000 to $43,000 a month
Ahead of UK move, Prince Harry and Meghan insist they're keeping Montecito mansion despite $600,000 a year cost | Today News
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Overview

  • Prince Harry and Meghan Markle have said they plan to keep their 7.38‑acre Montecito estate as they relocate their family to Britain this month, though local brokers report 'rumblings' that the property could be put up for sale.
  • County records show the couple’s company, Rockbridge LLC, bought the house for $14.65 million on June 9, 2020 and took a $9.52 million adjustable‑rate loan three days later from City National Bank.
  • Reporters’ calculations based on the mortgage and county tax bills put mortgage and property tax costs above $600,000 a year and total annual carrying costs — including insurance, groundskeeping and security — at about $650,000 or more.
  • Douglas Elliman broker Jason Streatfeild and other local sources say ultra‑luxury Montecito homes often trade privately under NDAs and estimate the Sussexes’ estate could list near $75 million and sell in the $55 million–$65 million range.
  • There is no confirmed public listing or sale; coverage notes the couple’s reduced production and brand revenues as background to the financial discussion and highlights Montecito’s surge in multi‑tens‑of‑millions sales that would make a sale highly profitable.