Hidden costs of Prince Harry, Meghan Markle’s $23m Montecito revealed
Prince Harry and Meghan Markle may have left behind royal palaces – but it seems their swanky California mansion comes with some hefty costs.
Prince Harry and Meghan Markle may have left behind royal palaces – but it seems their swanky California mansion comes with some hefty costs.
When the Duke and Duchess of Sussex splashed out $23 million on their Montecito home in 2020, they were informed there was a one drawback with the property.
According to The Sun, the nine-bedroom residence came with some “stressed” koi carp in the pond that needed professional care.
Writing about their home in his memoir “Spare”, Prince Harry wrote: “We found a place.
“Priced at a steep discount. Just up the coast, outside Santa Barbara.
“Lots of room, large gardens, a climbing frame — even a pond with koi carp.
“The koi were stressed, the estate agent warned.
“So are we. We’ll all get along famously.
“No, the agent explained, the koi need very particular care.”
The Duke of Sussex revealed he was informed that he would have to “hire a koi guy” for the stressed fish, and he had enquired as to where to find a specialist.
He continued: “The agent wasn’t sure. We laughed. First-world problems.”
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According to Aquatic Veterinary Services, a mobile veterinary practice taking care of pet fish in California, a fish examination can cost $453 for an initial service fee plus mileage costs, and then $37 per fish.
Following diagnostics, further blood work or ultrasound tests can be recommended by veterinary staff at extra cost, plus any treatment needed.
However, the fish costs are a drop in the water compared to the property price itself, with Meghan and Harry securing a $14.1 million mortgage for their home, after putting down a huge deposit.
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Harry’s ‘dream’ home
The couple appear to be delighted with their new pad, with Harry writing: “We took a tour. The place was a dream.
“So we pulled together a down-payment, took out a mortgage, and in July 2020 we moved in.”
He said the move only took a couple of hours as everything they owned had fitted into 13 suitcases – and they had a quiet drink in celebration and roasted a chicken for dinner.
When the Duke and Duchess of Sussex stepped back from royal duties, they said they would work toward becoming what they called “financially independent.”
Since then, the pair have secured deals with Netflix and Spotify, with Harry’s book bringing in a $29 million advance from publisher Penguin Random House, according to Forbes.
Located in a star-studded enclave in California, it’s believed the sprawling 16-bath home features a library, office, spa, gym, game room, wine cellar and five-car garage.
The estate also boasts sweeping lawns, tiered rose gardens, tall Italian cypress trees, blooming lavender, olive trees, a tennis court, tea house, children’s cottage and a pool.
There is even a chicken coop with “Archie’s Chick Inn”, which has rescue hens.
The couple, who live there with Prince Archie, five, and Princess Lilibet, three, have treated fans to glimpses of their multiple living spaces on several occasions – showing off a minimalist vibe.
‘Boutique hotel’
Despite the home sounding like a dream pad, it does come with a lot of work, according to Eric Bramlett, realtor and owner of Bramlett Residential in Austin, Texas.
Speaking to The Sun’s Fabulous, Mr Bramlett shared: “Managing a $14 million ($A23 million) mansion like Harry and Meghan’s in Montecito takes a lot of work.
“Even for modern luxury homes that big, you need a good-sized staff and high operating costs.
“A house with 9 bedrooms, 16 bathrooms, a pool, tennis court, and guesthouse probably needs around 10-15 full-time staff.
“That could include housekeepers, a house manager, private chef, and likely some security because they are famous.
Just paying the staff salaries, utilities, landscaping, maintenance, security, and more could easily cost hundreds of thousands per year.
“Big renovations and repairs like roofing, HVAC, appliances would cost even more sometimes.”
He added that the grounds – including the pool, trees and tennis court – will require groundsmen and professional help.
Mr Bramlett continued: “It’s like running a small boutique hotel with residential service.
“The costs pile up quick, but it comes with luxury living.
“Keeping a place this big properly staffed and maintained takes major money.”
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Harry’s worth
Prince Harry is thought to have an impressive net worth of about £48 million ($A94 million) from inheritance and their various ventures.
In 1994, The Queen Mother put away around £19 million into a trust fund for her great grandchildren – which includes William and Harry.
According to The Guardian, the brothers split £6 million of this trust at age 21 and Harry took the majority of the money to “compensate for not becoming sovereign”.
When they reach 40 they reportedly get to split another £8 million, but the other grandchildren, including Eugenie and Beatrice will get a few million pounds each.
As well as funds coming in from their great grandmother, Forbes reported that Princess Diana left her boys nearly £8 million after taxes.
It was also set up that once William and Harry turned 25, they would start to receive around £340,000 a year.
Before she tied the knot with Harry, Meghan was worth an estimated $6.8 million, as a result of her role in the US TV show “Suits”.
Meghan is now about to launch her new lifestyle brand, American Riviera Orchard, which could sell cookbooks, jams and homeware.
Parts of this story first appeared in The Sun and were republished with permission.
Originally published as Hidden costs of Prince Harry, Meghan Markle’s $23m Montecito revealed
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