Meghan Markle and Harry's Montecito mansion prompts neighbors to sell their houses as real estate prices blow up
Meghan Markle and Prince Harry made the coveted Santa Barbara area their home in 2020 and bought a mansion for $15.3 million (£11.2 million), which features nine rooms and 16 bathrooms along with a cinema, gym, spa, guesthouse, pool, and tennis court. However, it has now been said that the Sussexes’ move to the area after they stepped down from senior royal duties has prompted their neighbors to sell their properties as prices rise.
Speaking about the Duke and Duchess’ move to Montecito, California, an insider said, “Moving there was always an option, but to begin with, she and Harry wanted to give Los Angeles a shot. Unfortunately, Harry absolutely hated it—the timing was so wrong amid the pandemic and they lacked privacy.” They added: “Meghan visited Montecito in her teens and fell in love with the picturesque scenery and stunning architecture. An added bonus is that Montecito is only just over an hour’s drive from LA, which is where a majority of their work is based, yet far enough away to escape the crowds, paparazzi and tourism in Hollywood.”
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A recent report has, however, claimed that because of the presence of Meghan and Harry property prices have soared, which motivated several of their neighbors to earn huge profits by selling their homes. Actor Rob Lowe’s property, which was near to the royal couple’s home, was reportedly on sale for $22.5 million. A description by realtor Timothy Di Prizito stated: “An enchanting estate to inspire adventurers of all ages, this legacy property embodies the epitome of Montecito and Southern California."
Earlier, another report said that the pair’s Montecito mansion tripled in value nine months after they made it their own. A real estate agent reportedly said that the mansion was purchased by Meghan and Harry for around $15.3 million, but now it’s worth around $41.7 million (£30 million). Estate agent Randy Solakian told The Times, "It would have been really ugly if they'd paid $40 million (£30 million) for it, which is what it's probably worth, but I would say they got a bargain." While Sandy Stahl, an agent with Sotheby's International Realty, said the duo made a "smart move", adding a new owner of the property would now have to pay "at least double" of what Meghan and Harry spent.
Meanwhile, the pair’s decision to renounce their royal duties has resulted in speculations about whether they would ever return to the UK. Royal commentator Valentine Low said, “Not a chance, they have their life over there. Their bridges are now ash, they will not be coming back.” Royal biographer Omid Scobie also commented on the situation as he said during an episode of his royal podcast HeirPod, “[They are] solidifying their place in the US landscape. Of course a lot of stuff they are sharing with the world through these various platforms and it will be available to everyone. But the life that they are creating for themselves and the work they are doing is very much in America. I think that shows perhaps they have found somewhere they are more comfortable.”