Prince Harry and Meghan Markle likely to list Montecito mansion

Prince Harry and Meghan Markle may be ready to sell their Montecito mansion due to escalating maintenance costs exceeding $1 million annually. Industry sources in Santa Barbara suggest discussions are already underway for an off-market sale ahead of their return to Britain this month, with their children, Prince Archie (7) and Princess Lilibet (5), starting school there in September. Local broker Jason Streatfeild notes that discreet off-market deals are common for such properties, with terms often sealed under an NDA until records are finalized. The couple, who stepped back from royal duties in 2020, previously claimed they intended to keep both Montecito and their vacation home in Portugal, but property records indicate the California property has become financially unsustainable. Purchased for $21 million in 2020 with a $9.52 million mortgage, the estate incurs staggering fixed expenses: monthly loan repayments of $60,000 and annual property taxes of $210,000, pushing annual running costs past $1 million. A source told the New York Post, "I cannot imagine ever wanting to let go of this beautiful piece of property, but hanging onto it comes at a steep cost, so they might have to." They may list the property in a few months or give the UK a year to assess their plans. Property values in Montecito have nearly doubled since 2020, but the couple’s business deals, including a downgraded Netflix production deal and potential write-offs for unsold inventory in Meghan’s lifestyle brand As Ever, have contributed to financial strain. Their relocation to the UK is imminent, with King Charles informed of the move over the weekend.