Meghan Markle and Prince Harry are reportedly struggling to cover the costs of their sprawling mansion in posh Montecito in the latest sign the Sussexes could be under financial pressure.
Sky News host Rita Panahi says Meghan Markle “probably isn’t going to be happy” with Taylor Swift meeting Prince William and two of his children.
Meghan Markle and Prince Harry’s mammoth Montecito mansion is reportedly becoming a growing financial burden for the Sussexes who are feeling overwhelmed by the home’s ballooning costs.
The Sussexes originally snapped up their 16-bedroom estate in the idyllic California community for about AUD $21 million in June 2020 around the time they inked a $100 million deal with Netflix.
Four years later, Harry and Meghan are reportedly bracing for Netflix to pull the plug on the deal, while the Duke of Sussex has sunk millions of dollars into legal fees for his many court battles.
High end real estate company owner Eric Bramlett revealed the extent of the financial burden the house puts on the Duke and Duchess of Sussex, with annual maintenance on the home costing up to seven figures.
An aerial shot of the Sussexes’ sprawling Montecito home. Picture: Supplied.
“Managing a $14 million ($21 million) mansion like Harry and Meghan’s in Montecito takes a lot of work,” he told the Express newspaper on Tuesday.
“It’s like running a small boutique hotel with residential service.
“The costs pile up quick, but it comes with luxury living.”
In addition to maintenance on the home and grounds, the couple likely employ a team of full-time staff to run the home, including a house manager, housekeepers, private chefs and security staff.
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The Sussexes likely employ a long list of staff to manage their estate. Picture: Getty Images for the Invictus Games Foundation.
Montecito is also one of the wealthiest enclaves in the United States and the Sussexes shell out about $200,000 per year in property taxes to Santa Barbara County.
The Sussex household finances likely took a major hit after Spotify abruptly tore up a podcasting contract with the couple, while an exec at the streamer later called the couple “f***ing grifters”.
Harry experienced another financial windfall following the heady sales of his tell-all memoir Spare but the couple have a notoriously high burn rate of cash.
Royal author Tom Quinn believes aside from a rumoured second book, Harry has few ideas for ways to continue earning money to fund the couple’s lavish lifestyle.
The streamer paid about $100 million to the couple for a five-year partnership. Picture by CHARLY TRIBALLEAU.
“You only have to look at him in his various interviews to see that he probably just doesn’t have the drive or the ability – it’s the result of growing up in a world where other people do everything for you,” he said.
The Duchess of Sussex is reportedly more determined than ever to turn her new lifestyle brand into a money spinner amid their financial woes and alleged determination to live like the super-rich.
Meghan unveiled her new brand American Riviera Orchard via a brand new Instagram account in March but has yet to actually sell any product to the public.
Public relations experts have praised Meghan’s entrepreneurial skills, with PR insider Lynn Carratt telling the Mirror the Duchess’s new lifestyle brand has “serious potential”.
“Meghan has the potential to make a name for herself in the cosmetic industry,” she told the Mirror newspaper in April.
“Love her or hate her, one thing you can say about her is that she looks good, she knows how to use the right creams and make-up to accentuate her features and make her skin look good.
