1 week ago
Harry and Meghan Keep Montecito Mansion Amid Sale Speculation
Harry and Meghan are planning to move their family from California to Britain.
They say they want to keep their large home in Montecito.
The house costs more than $600,000 each year for payments, taxes and other expenses.
Some experts think it could cost more than $650,000 a year when security and upkeep are included.
A real-estate broker believes the home might be worth much more than the couple paid for it.
He said it could be listed for about $75 million and possibly sell for $55 million to $65 million.
A local source said there are rumors that the home could be sold.
However, nobody has confirmed that it is actually for sale.
The family is expected to establish a private home in Britain, and the children are expected to start school there in September.
Prince Harry and Meghan Markle say they intend to keep their Montecito mansion while moving their family to Britain.
The 7.38-acre estate reportedly cost $14.65 million in 2020 and has annual ownership costs exceeding $600,000.
Insurance, landscaping, maintenance and security could raise the property’s total annual fixed costs above $650,000.
Broker Jason Streatfeild estimated the home could be listed for about $75 million and sell for $55 million to $65 million.
A possible sale has been rumored, but there is no confirmation that the estate has been listed, publicly or privately.
- Who
- Prince Harry, Meghan Markle, Prince Archie and Princess Lilibet.
- What
- Harry and Meghan are preparing to move to Britain while saying they intend to retain their Montecito mansion, despite speculation about a possible sale.
- Where
- The mansion is in Montecito, California; the family plans to relocate to an undisclosed location in Britain.
- When
- The move is reportedly planned for this month, with the children expected to start school in Britain in September; the estate was purchased on June 9, 2020.
- Why
- The couple reportedly plans to establish a private residence in Britain, while the property’s high ownership costs and possible increased value are fueling sale speculation.
Retain the Mansion
Potential Sale
The couple’s stated intentions
Retain the Mansion
Harry and Meghan have said they plan to keep the Montecito mansion while establishing their family’s life in Britain.
Potential Sale
A Santa Barbara luxury-property source said there have been rumors of a possible sale, and a broker said the property could already be discussed privately.
Evidence of a listing
Retain the Mansion
There is no confirmation that the estate has been listed, and the couple’s stated plans are to retain it.
Potential Sale
Ultra-luxury properties may be offered privately under non-disclosure agreements, meaning a potential sale might not appear on the open market.
Financial considerations
Retain the Mansion
Keeping the property would preserve a home the couple say they want to retain, despite its substantial annual costs.
Potential Sale
Selling could produce a large gain because the home may be worth $55 million to $65 million, while annual ownership costs could exceed $650,000.
Key facts
- Purchase price
- Rockbridge LLC reportedly bought the 7.38-acre estate for $14.65 million on June 9, 2020.
- Mortgage
- The company reportedly took out a $9.52 million adjustable-rate loan from City National Bank; it began at 2.49% and can rise to 7.49% when it resets in July 2030.
- Annual costs
- Mortgage payments and property taxes exceed $600,000 annually; insurance, landscaping, maintenance and security could push total fixed costs above $650,000.
- 2025 property tax
- The reported 2025 tax bill was $149,668, based on an assessed value of $14.38 million.
- Property features
- The estate reportedly includes an 18,000-square-foot home, nine bedrooms, 17 bathrooms, ocean views, a pool, a tennis court and extensive grounds.
- Estimated value
- Broker Jason Streatfeild estimated a possible listing price of about $75 million and a potential sale price of $55 million to $65 million.
- Reported plans
- Harry and Meghan have said they intend to retain both the Montecito estate and their holiday property in Portugal.
Quotes
Jason Streatfeild
Douglas Elliman broker covering Santa Barbara and Montecito
“Streatfeild estimated that it could be listed for around $75 million and potentially sell for between $55 million and $65 million, depending on market conditions.”
livemint.com
“"It's very possible that they would be listing it, but I have a strong feeling that it's already being discussed and shown."”
livemint.com
A Santa Barbara luxury real estate source
Anonymous Santa Barbara luxury real estate broker
“Every broker wants that listing, given the estate's size, location and celebrity ownership.”
livemint.com
Sources
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