Are Harry and Meghan Selling Their $14 Million Montecito Home? Former Estate Agent Shares Update
The agent claimed that Harry and Markle may test the market initially, and if they decide not to return, they might list the property globally.
Prince Harry and Meghan Markle are rumored to have settled in a private property on the outskirts of London after their return to the UK last month; however, the couple has retained their primary home in Montecito, California. Purchased in 2021 for approximately $14.65 million, the stunning 9-bedroom Mediterranean-style mansion boasts a home theatre, gym, wine cellar, and many more luxurious features. The current value of the property is estimated at $30 million, and speculation is rife that the Sussexes may soon put their sprawling home on the market.
Local property agents have reported a heightened interest in the estate, with affluent potential buyers eagerly awaiting a potential opening for sale. Village Properties, the agency that previously facilitated its sale, has revealed that they have been receiving daily enquiries from billionaires. Reportedly, some of the buyers are interested in retaining the old-world charm of the property, while others have considered demolishing it and expanding. Some have even proposed turning the grounds into an elite golf course. "There are a lot of whispers that the house will be going on the market," an employee named Kim from the former agency told The Sun. "People are calling us daily asking about it. I can’t see why they wouldn’t sell it," the employee added.
David Encell, a Montecito estate agent, also expressed skepticism about the Sussexes maintaining ownership of their property in a year due to its estimated running costs of $40,000 (£30,000) in monthly upkeep. This figure encompasses expenses for staff such as pool maintenance, housekeeping, and gardeners, making it financially cumbersome for what would essentially be a part-time residence. He further suggested that renting the estate could bring in $148,800 (£110,000) monthly; however, risks like potential damage from renters could deter its market value in the long run. Encell claimed that Harry and Markle may test the market initially, and if they decide not to return, they might list the property globally on various websites to attract international buyers, disregarding privacy concerns. "It’s a beautiful house in paradise. This could be a test drive, though, for them in England, and they are giving it a few months before making any decisions," he added.
Encell further claimed that agents are tight-lipped about any possible development. Meanwhile, the owner of a koi maintenance company highlighted that a vacant property could attract potential squatters or illegal activity, and it is best to rent it out. “Bad things will happen", she said, adding: "Everyone knows it’s vacant. The gardeners in the area all talk, and they won’t hesitate in time on a Friday night to jump over the fence with a bottle of tequila and use it to party."
