Prince Harry and Meghan Markle could be forced to sell their sprawling Montecito mansion after relocating to Britain this month, with the California estate costing the couple more than $600,000 a year in mortgage payments and property taxes alone, The New York Post reported.The Sussexes have said they plan to retain the 7.38-acre estate after moving to the UK with Prince Archie and Princess Lilibet. But sources in the Santa Barbara luxury property market told The Post that there have been “rumblings” the property could be put up for sale, with brokers already showing interest.The mansion was bought through the couple’s company, Rockbridge LLC, for $14.65 million in June 2020. A $9.52 million adjustable-rate mortgage taken out shortly afterwards costs an estimated $40,000 to $43,000 a month, or more than $480,000 a year.Property taxes add another $149,668 annually. The Post said the couple has paid roughly $721,000 in property taxes since buying the estate. With insurance, landscaping and security included, the annual ownership cost is likely to exceed $650,000.The potential sale could nevertheless deliver a huge profit. Jason Streatfeild, a Douglas Elliman broker covering Montecito, estimated the property could be listed for around $75 million and sell for between $55 million and $65 million.“Everyone’s kind of asked me what I think the property is worth, what they would list it for and what it would sell for,” Streatfeild told The Post. “It’s a beautiful ocean view estate on seven acres with about 18,000 square feet. Nine bedrooms and 17 bathrooms, with the pool, tennis court, and beautiful grounds.”The broker said Montecito’s luxury market has surged since the Sussexes bought the property.“The demand for Montecito has exploded and the average sales price is just about doubled since they purchased the property,” Streatfeild said. “I would think they have advisors that would let them know approximately what the home is worth.”Streatfeild also said a potential sale could happen privately rather than through a public listing.“Many times properties like this will trade off market with an NDA signed and all of the terms sealed until the property records at the county,” Streatfeild said.“It’s very possible that they would be listing it, but I have a strong feeling that it’s already being discussed and shown,” he added.A local luxury property source suggested the couple could wait several months before making a decision.“It likely will be a few months before they list, or maybe they will give the UK a year first to see how that plays out,” the source told The Post. “But if they do decide to plant roots in the UK, I don’t see a world where they will keep this home.”The Sussexes have not indicated that they are putting the mansion up for sale and have previously said they intend to keep it.
