Harry and Meghan’s California Home Will Cost *How* Much per Month—When They’re Not Even Living There?!
After six years in the States, Harry and Meghan are hitting the road and moving back to England. And they’re doing it soon. So what happens to that big pile of bricks they’ve been living in out in Montecito? The couple bought the place in 2020 after stints in Vancouver and Los Angeles, and from the pictures and clips we’ve seen, it’s something.
It’s also expensive. Montecito, California, is an unincorporated paradise tucked between the Santa Ynez Mountains and the Pacific Ocean along California’s Central Coast. Oprah Winfrey lives there. So does Rob Lowe. The views are stunning. And now that Harry and Meghan are leaving, their home will reportedly sit empty.
How much is that going to set them back? Will they need to sell? Take on renters? Ahead, I’ll break down the insane amount of money Harry and Meghan will have to spend just to keep the lights on in their Montecito mansion. Read on for the details.
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How much did they buy the house for?
Harry and Meghan paid $14.65 million for the 7.5-acre estate in June 2020. The 14,500-square-foot main house, known as the Chateau at Riven Rock, has an ivy-covered entry and is flanked by elegant Italian cypress. It sits at the end of a long, curving driveway made from hand-cut local stone, the Los Angeles Times reported when the couple bought it.
The grounds have formal gardens, as well as a swimming pool, tennis court, meditation pond and teahouse. Inside, there’s a big chef’s kitchen (occasionally seen on Meghan’s Instagram), stone fireplaces, a theater, game room, wine cellar and just about anything else that you think can fit inside a home with nine bedrooms and 16 bathrooms.
Back in 2015, the same home was listed for more than double what Harry and Meghan paid: $34 million, according to the Times. Five years later, they bought the place from Sergey Grishin, a Russian billionaire who owned another Montecito property known as the Scarface mansion (it’s in the movie).
How much will it cost to maintain the property when they’re overseas?
A lot: Estimates are coming in at $650,000 and up per year—and that’s on the low end. Even though the house will reportedly sit empty, at least for now, there’s the mortgage, taxes, maintenance and other necessary expenses that come with home ownership.
Here’s how those costs break down.
Mortgage
The New York Post looked at property tax records and found that the couple took out a loan for more than $9.5 million soon after buying their home. The loan has an adjustable rate of 2.49% with a ceiling of 7.49% until 2030, when it resets.
According to their calculations, that gives the couple a mortgage payment of between $40,000 and $43,000 a month on a standard 30-year term. Multiply that by 12 months, and they’re looking at roughly $500,000 per year just to keep the bank happy.
Property taxes
Those same records show that Montecito is a pretty pricey enclave for taxes. Last year, the couple paid just shy of $150,000 in property taxes, a number that has been going up every year Harry and Meghan have lived there. Their first bill, in 2021, was $138,629.
Insurance
It’s hard to put a number on possible homeowners insurance for Harry and Meghan, but it’s high. Researchers at the University of California at Berkeley analyzed public data (2019–2023) and found that the median estimated single-family home insurance premium in the state was $182 for every $100,000 in home value. On a home costing $14.65 million, that’s about $26,660 per year—and that’s just the median.
The home is also in a high fire hazard severity zone, according to the Montecito Fire Protection District, so they definitely have wildfire coverage. A broker on Berkshire Hathaway’s website says rates for high-value estates in Montecito fire zones can easily reach $30,000 or $40,000 per year.
Home maintenance and groundskeeping
Real estate and financial experts advise earmarking 1% to 3% of your home’s value for yearly maintenance. The low end, 1%, is more typical for regular homeowners, but the rate goes up for luxury homes. Security, pool service, roof repairs, heating and cooling, maintaining the extensive grounds and gardens … the costs add up quickly.
Even at 2%, that’s nearly $300,000 that Harry and Meghan should set aside for ongoing and emergency maintenance. We’re not saying they’ll have to spend that every year, but it’s not nothing—and it could bring their yearly tally closer to $1 million.
Are they planning to move back or use this as a second house?
For now, the couple plans to use the Montecito home as their U.S. residence, and they have no plans to sell (or rent it out, for that matter).
Their kids, Archie and Lilibet, are enrolled in school in England this fall, so presumably the family will stay through the school year. But the couple currently says the move is “temporary,” according to TMZ, which also reports that Markle’s mom, Doria Ragland, is staying in California.
But with a British court ruling against Harry, Elizabeth Hurley, Elton John and others in their phone-tapping complaint against the Daily Mail and Associated Newspapers, and the enormous costs associated with maintaining the home, the situation could become more fluid as time goes on.
Will they be living on the royal dime in the U.K.?
No. When Harry and Meghan left Britain, they relinquished their royal duties and their royal paychecks. That will continue even though they are moving back into the palace’s sphere of influence. They will have to pay their own rent as well as security, which has been a point of contention for the couple for years.
The couple used to live in Frogmore Cottage on the Windsor grounds, but they gave up the lease at Charles’s request when Harry’s memoir, Spare, was released. Speculation is running wild as to where they’ll end up now, with London already ruled out, according to media reports.
Experts are currently betting on the English countryside, perhaps near Althorp, where Princess Diana grew up, or in the Cotswolds, where Harry and Meghan’s good friend Ellen DeGeneres lives.
Sources:
- Los Angeles Times: “Did Meghan and Harry buy in Montecito? Sources point to $14.65-million estate”
- Los Angeles Times: “Home of the Day: A grand chateau in Montecito for $34.5 million”
- Montecito Fire Protection District: “Fire Hazard Severity Zones”
- UC Berkeley: “The California Home Insurance Challenge in Eight Charts”
- InStyle: “Inside Prince Harry and Meghan Markle’s $14.6 Million Montecito Mansion, Which They’re Leaving for the U.K.”
- New York Post: “Prince Harry and Meghan Markle likely to list Montecito mansion as staggering monthly costs revealed: sources”
- Realtor.com: “How Much Is Prince Harry and Meghan Markle’s Montecito Mansion Really Worth?”
- Berkshire Hathaway Home Services Properties: “Home Insurance Santa Barbara”
- Resident: “Investing in Your Home’s Future: Long-Term Maintenance for Luxury Properties”
- People: “Prince Harry and Meghan Markle to Make Shocking Move Back to the U.K. with Kids Archie and Lilibet (Exclusive)”
- TMZ: “Prince Harry & Meghan Markle Not Selling Montecito Mansion … We’ll Be Back!!!”
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