Prince Harry and Meghan Markle Return to the UK — But One Money Concern Could Become a Burden
The Sussexes will be maintaining their international properties as well as staff add to that the legal fees and it makes an expensive UK return.
Prince Harry and Meghan Markle's move to the UK has been touted as a significant shift for the family as they reportedly manage to maintain an international lifestyle with their children attending UK schools. It is believed that the couple will be staying in a non-royal residence on the outskirts of London while they continue to retain their $14.65 million Montecito, California estate and the vacation home in Portugal. Speculations also indicate that the couple may have strategically sought tax benefits with their planned six-year homecoming. However, the Sussexes might soon find themselves in a financial stretch since maintaining these existing properties might turn costly, as per GBN News.
The Duke and Duchess' 7.38-acre Montecito mansion, acquired in June 2020 shortly after stepping back from royal duties, may become a bone of contention as they carry out their 'extended stay' in the UK. Rockbridge LLC acquired the nine-bedroom property for $14.65 million.
The Sussexes reportedly took a $9.52 million loan from City National Bank with an adjustable-rate mortgage of 2.49%, resulting in a monthly mortgage payment of $37,566, totaling $450,792 annually. Their property tax payment last year was $149,668, contributing to a potential total of $600,460 in annual tax and mortgage expenses. "It could be six months, it could be a year," a source had earlier revealed, referring to Harry and Markle's UK stay. This would mean they could have managed the annual payments and the estate's upkeep. However, the Daily Mail suggested that the Duke plans to spend "the next 12 to 15 years, minimum" as a full-time parent, with Markle traveling to and fro to manage her ventures.
The estate will be maintained by staff along with their rescued chickens, which means there will be bills. Additionally, their approximately $8.5 million (£6.3 million) vacation home in Portugal might also need maintenance. Reportedly, the family is expected to continue using their Montecito mansion during school holidays and also spend Christmas in Europe.
Meanwhile, the Duke's financial woes have increased as he is required to pay approximately $13 million in legal costs to Associated Newspapers Limited following a High Court privacy case. This payment is due by August 28 and pertains to claims of unlawful information-gathering against the Daily Mail's publisher, which ANL denied throughout the case. With most of their business ventures drying up in California, including a major Netflix deal, the Sussexes are burdened with impending bills rather than a luxurious UK return.
This will also include the cost of education for their two children, depending on the institute they choose, and also the rent of their non-royal residence. Additionally, since they are not provided with taxpayer-funded security, the Sussexes might also be made to foot the bill for their private safety.
