Prince Harry and Meghan Markle have been dealt a major financial blow as the value of their multimillion-dollar Montecito mansion has reportedly plummeted following the recent wildfires that ravaged parts of California.
The couple, who moved to the U.S. in 2020 to escape royal scrutiny and gain independence, now find themselves facing an unexpected crisis just as Harry was celebrating a legal victory against British tabloids.
Their luxurious home, which they share with their two children, Prince Archie, 5, and Princess Lilibet, 3, is located around 90 miles from Los Angeles—an area recently struck by devastating wildfires.
While their residence remains intact, the catastrophe has had a significant impact on property values in the region.
Property expert Terry Fisher told GB News that the Duke and Duchess of Sussex’s mansion has suffered a devaluation of nearly £1 million.
This comes just a month after reports suggested that home prices in the area had already dropped by 14.1%.
“Homes here are lifestyle investments, with buyers paying a premium for privacy, exclusivity, and stunning surroundings,” Fisher explained, adding that Montecito’s appeal lies in its high-end, celebrity-driven market.
The Sussexes originally purchased their lavish estate for approximately £11 million, and due to soaring demand in the post-pandemic real estate boom, the home’s value had nearly doubled, reaching an estimated £23.3 million.
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However, the recent environmental disaster has now driven its worth down to the £21-22 million range.
Despite the concerning price drop, Fisher suggested that this may not be a permanent downturn. “While properties in the area may see a five to 10 percent reduction in potential appreciation compared to similar luxury markets with fewer environmental risks, Montecito’s appeal often offsets these concerns,” he stated.
He also noted that high-profile homes like Harry and Meghan’s are typically built with fire-resistant materials, defensible landscaping, and advanced safety systems features that could help reassure potential buyers in the future.
Still, this unexpected financial hit comes at a difficult time for the couple, who have been navigating ongoing tensions with the royal family, legal battles, and efforts to expand their media empire.
While Harry may have recently secured a win in his lawsuit against UK publishers, this latest setback underscores the unpredictable challenges the Sussexes continue to face in their quest for a new life away from the monarchy.
For now, Harry and Meghan remain focused on their family life in Montecito, but with the ever-growing risks of natural disasters in California, the couple may soon have to reconsider their long-term plans for their dream home.
