Prince Harry and Meghan Markle’s 9-bedroom villa in Montecito, California, has captured the attention of the public due to its staggering cost. From the purchase price to the ongoing expenses of maintaining a sprawling estate, the couple’s luxurious living arrangements come at a hefty price. Learn how much they pay annually for their Montecito villa and why it’s become a point of interest for both royal watchers and real estate enthusiasts.
The Enormous Price Tag of the Montecito Villa
Prince Harry and Meghan Markle’s villa in Montecito, California, has been the subject of public fascination ever since the couple purchased it in 2020. The 9-bedroom, 16-bathroom mansion is located in one of the most affluent areas in Santa Barbara County, a neighborhood that boasts an array of celebrities and high-profile figures. But beyond the glitz and glamour, the financial reality of owning such a massive estate is truly eye-opening.
The couple reportedly purchased the villa for around $14.7 million, a significant sum for any homeowner. However, the costs don’t end there. With its vast property size, which includes extensive grounds, a pool, a spa, and a guesthouse, the ongoing expenses are substantial. From property taxes to utilities and maintenance costs, the total amount Harry and Meghan must pay each year is in the millions, making their villa a truly costly investment.
The Financial Impact of Living in Montecito
Living in Montecito, a town famous for its breathtaking views, temperate climate, and celebrity residents, comes with its own set of financial challenges. The villa itself spans over 18,000 square feet, a massive space for just a few people. The couple’s decision to buy such an expansive home speaks to their desire for privacy and luxury, but it also means dealing with significant financial responsibilities.
In addition to the initial purchase price, Prince Harry and Meghan’s property taxes are among the highest in the area, reaching over $100,000 per year. Maintaining a property of this size involves hiring a team of landscapers, cleaning staff, and other specialists to keep the home in pristine condition. With the added cost of security—given the couple’s high-profile status—living in Montecito certainly doesn’t come cheap.
Furthermore, the couple has invested in numerous renovations to ensure their new home is a perfect fit for their family. With such a large property, the cost of renovations alone is estimated to be several million dollars. This includes updates to the home’s design, landscaping, and security features to match their personal style and needs. As a result, the total annual cost of the property, including maintenance, utilities, and staffing, likely exceeds $1 million.
Why Harry and Meghan Chose Montecito
Despite the staggering costs associated with their 9-bedroom villa, Prince Harry and Meghan Markle’s decision to settle in Montecito makes sense for several reasons. First and foremost, the location provides them with a level of privacy that is difficult to find in many other places. Surrounded by rolling hills and lush greenery, the property offers a peaceful retreat from the constant media attention that follows the couple.
In addition, Montecito is home to several other high-profile celebrities, including Oprah Winfrey and Ellen DeGeneres, making it an ideal location for those seeking both privacy and a sense of community among other well-known figures. The couple has long been advocates for a quiet, family-oriented lifestyle, and Montecito offers exactly that.
The area also offers easy access to Los Angeles, where both Harry and Meghan are involved in various media projects, including their Netflix and Spotify deals. The location allows them to strike a balance between their professional endeavors and their desire for a more low-key, personal life away from the prying eyes of the public.
Read more: Prince Harry and Meghan Markle are reportedly planning a “big move” to counter a potential deportation from the U.S., eyeing a villa in Portugal
If you’re fascinated by the financial side of celebrity life or interested in learning more about Harry and Meghan’s decision to settle in Montecito, stay tuned for updates on their real estate ventures and lifestyle!
