Prince Harry California mansion expenses for the Montecito home could reach as much as $650,000 a year while Prince Harry and Meghan Markle remain in the property they bought for $14.65 million in June 2020. Sources said the Sussexes currently have no plans to sell it.
Realtor.com estimated the home is worth around $16.73 million today. It also put 2025 property taxes at just over $152,000, or $12,667 a month, while the couple’s $9.52 million adjustable-rate mortgage is estimated to cost between $40,000 and $43,000 a month.
Montecito carrying costs
The annual figure of $650,000 breaks down to about $54,167 a month. That is the price of keeping a high-value California home in place while the mortgage, property taxes, and other carrying costs continue to run.
Prince Harry and Meghan Markle have been residing in the Montecito mansion for the past six years. The property has remained their California base since the purchase in June 2020, when they paid $14.65 million.
Harry and Meghan in California
The home’s estimated value now sits above its purchase price by roughly $2.08 million, based on the $16.73 million estimate. Even so, the reported cost to keep it is far higher than the monthly amounts that many buyers would expect to see in isolation, because the mortgage and tax bills stack together every month.
The couple was reportedly paying $24,500 a month in rent for Frogmore Cottage before the $3.3 million renovations there were repaid after they stepped down as working royals. Palace sources said Harry and Meghan are returning to England as private citizens, and their new U.K. home will be funded privately, without subsidies from the royal family.
Will Prince Harry and Meghan Markle
A real estate agent said the Sussexes will likely test the market privately rather than list the property on MLS if they decide to sell. For now, the harder choice is simple: keep paying to hold a costly Montecito asset, or move it quietly if the family no longer wants the California home on the books.
