Why Meghan Markle and Prince Harry are really selling up

They’re looking to expand their horizons – and their property portfolio

Prince Harry and Meghan Markle

by Charlotte Oliver |
Updated on

Listen up, prospective homebuyers: are you in the market for a sprawling mansion in California, complete with 16 bathrooms, a gym, spa, cinema, wine cellar, tennis court and swimming pool and currently owned by a totally down-to-earth, low-key couple? If so, you’re in luck, Prince Harry and Meghan Markle are apparently looking to sell their Montecito mansion… for the bargain price of £11m.

According to reports, the couple are “not over the moon” with the palatial pad, which they’ve called home for 18 months. But sources tell us there’s more to it than that. As the world begins to finally open up again, Harry and Meghan have ambitions on a global scale and want to strengthen their connections across the US – and around the world. And that means expanding their property portfolio accordingly.

Prince Harry and Meghan Markle
©Getty

“They’re happy enough in Montecito, but it does have the drawback of being a little isolated from a socialising point of view,” says an insider close to the Duke and Duchess of Sussex, who stepped down as senior royals in 2020 to pursue a more “private” life across the pond. “So, they’re rectifying that by looking to purchase a small townhouse or beach pad in Beverly Hills or Malibu, and then maybe looking at different houses in Montecito. This is the year they want to broaden their horizons and mingle a whole lot more, so an apartment in Manhattan is also on the shopping list – and quite possibly Washington DC too. There’s a lot of upkeep at their current place and they think it may not be worth it if they won’t be based there full-time.”

Despite first landing in Los Angeles when they moved across the pond, Harry and Meghan chose to settle two hours away, in Montecito, Santa Barbara, as it gave them more privacy and space for their growing brood; they’re parents to Archie, two, and seven-month-old Lilibet. Last year, Harry said so much while appearing on Dax Shepard’s podcast, telling him that he felt freer than ever in Montecito. He explained, “Living here now, I can lift my head. I feel different, my shoulders have dropped. You can walk around feeling a bit more free. I take Archie out on the back of my bicycle.”

Still, we’re told that the two-hour commute into Los Angeles is proving tricky for the forever-busy couple, who have signed onto a number of enterprises

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Meanwhile, while money is clearly no big issue for the couple, there’s no denying that they’ve had a bit of financial embarrassment this year, following news that their US-based charity Archewell, which they founded two years ago, raised less than $50k in 2020. This came as a surprise to many, especially since it cost the couple

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And then, of course, there’s Meghan’s recent, very modest payout from Associated Newspapers. Last week, it was revealed that the newspaper group was ordered to pay a nominal sum of £1 in damages to Meghan for printing her private information…plus an additional “confidential sum” for infringing her copyright. Still, the Sussexes' bank account will soon be at least £11m better off once they sell off that palatial Montecito property. Any takers?

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