Prince Harry and Meghan Markle Took Out a Mortgage to Buy Their Montecito Home
Rather than ask the royal family for financial help, Prince Harry and Meghan Markle took out a mortgage to buy their new home in Montecito, California.
- This week, news broke that Prince Harry and Meghan Markle have settled into a new home in Montecito, a community in Santa Barbara, California.
- The Sussex family decided not to stay in Los Angeles, but only moved about an hour away—meaning they will still be able to easily work in the entertainment industry if they choose.
- The couple reportedly refused to use any money from the royal family to purchase the $14.65 million home. Instead, Harry and Meghan took out a mortgage to buy the house.
Prince Harry and Meghan Markle have moved into a new home in Montecito—a lush community in Santa Barbara, California. The new purchase also represents another milestone for the couple: The first significant step in their journey to financial independence from the royal family.
Even though the home reportedly cost $14.65 million, Harry and Meghan refused to use the royal family's money to buy it.
"Harry could’ve asked [Prince] Charles to contribute toward the cost of the house, but he chose not to," a source explained to Us Weekly. "Getting his dad financially involved would result in the royals having control over him. It would mean going backwards."
Here's the thing though: Harry and Meghan didn't want to ask Prince Charles to buy them a house, but they also didn't have a spare $14.65 million lying around to spend on it. So the Sussexes decided to do the thing normal people who buy a house they can't afford to buy outright do: They "have taken out a huge mortgage," the Us Weekly source explained.
They're not mad about it though. In fact, Harry is apparently "loving being independent and sees it as an opportunity to grow."
Like every couple, Harry and Meghan had to weigh the benefits and potential downsides of taking out a hefty loan to buy the house. Talking about finances? Making tough money decisions? Royals really are just like us. Except for still much, much wealthier because, you know, $14.65 million.
"Harry and Meghan see it as an absolute bargain; it was an opportunity not to be missed," the source said. "Unlike buying a car, it’s an investment. Meghan’s confident they’ll make a hefty profit if they ever decide to sell up. And on the upside, at least their security costs have been reduced. Their new home is gated and secure. They still have bodyguards but no longer need as many."
Stay In The Know
Select the newsletters you’d like to receive. Then, add your email to sign up.
Even though Harry and Meghan are confident they'll be able to sell the house for a profit, however, they don't necessarily plan to sell. The royal source says they're looking for a forever home to grow old together in.
"Buying a house together is a huge milestone for Harry and Meghan, especially as it’s the first property they’ve owned," the royal insider said. "They want to grow old together, reminiscing about their amazing journey."
Meghan Markle's Most Iconic Fashion Moments
March 9, 2020
Meghan and Prince Harry attend the Commonwealth Day Service at Westminster Abbey with all of the royal family. Meghan is wearing a custom Emilia Wickstead dress and carrying a Gabriela Hearst Demi bag; she's also wearing Birks earrings and Aquazzura heels.
March 8, 2020
The Duchess of Sussex visits the Robert Clack School for International Women's Day. Meghan is wearing a ME+EM jacket, a Cuyana T-shirt, a Rejina Pyo bag, and Jennifer Chamandi pumps.
March 7, 2020
Meghan arrives with Prince Harry at the Mountbatten Music Festival. She is wearing a Safiyaa dress, Simone Rocha earrings, and a Manolo Blahnik clutch.
March 5, 2020
Prince Harry and Meghan arrive to the Endeavour Fund Awards. The Duchess of Sussex is wearing a blue tonal look in a Victoria Beckham pencil dress, Manolo Blahnik pumps, a Jessica McCormack bracelet, and a Stella McCartney clutch.
January 7, 2020
Meghan Markle and Prince Harry arrive at Canada House in London for their first 2020 appearance. She is seen wearing a Reiss Coat, Massimo Dutti turtleneck and skirt, and Jimmy Choo Romy pumps.
November 9, 2019
Meghan steps out in a bespoke Erdem dress, her favorite Aquazzura heels, and Jessica McCormack earrings, for the Royal British Legion Festival of Remembrance at the Royal Albert Hall.
November 7, 2019
The Duchess of Sussex attends the 91st Field of Remembrance at Westminster Abbey. She wore a Sentaler coat, a Phillip Treacy hat, Tamara Mellon boots, and Dents gloves.
October 25, 2019
The Duke and Duchess of Sussex attend a panel discussion on gender equality with The Queen's Commonwealth Trust. Meghan is wearing a monochromatic look in a Joseph sweater, a Hugo Boss leather skirt, Sarah Flint pumps, and Emily Mortimer stud earrings.
October 22, 2019
Meghan Markle arrives to the One Young World Summit in an Aritzia dress paired with Manolo Blahnik pumps.
October 15, 2019
Meghan Markle recycles her engagement dress to WellChild Awards, a charity for seriously ill children and their families. She pairs her P.A.R.O.S.H. dress with a Sentaler coat and Montunas bag.
October 2, 2019
For a South African engagement to visit the Youth Employment Services in South Africa, the Duchess of Sussex steps out in Hannah Lavery shirt dress, Madewell earrings, and Stuart Weitzman pumps.
September 30, 2019
Meghan Markle steps out during a visit to Monwabisi Beach with Prince Harry. She paired her Madewell denim jacket with Brother Vellies Huarache sandals.
September 25, 2019
During the royal tour in South African, Meghan wore an Everlane black jumpsuit and Gas Bijoux gold statement earrings.
September 25, 2019
Meghan and Archie step out for Archie's first royal engagement during the tour in South Africa. She wore a Club Monaco dress and a pair of Jennifer Meyer turquoise earrings.
September 24, 2019
Meghan chose a Staud dress, Cuyana scarf and Sam Edelman flats for the visit at Auwal Mosque on Heritage Day with Prince Harry.
September 23, 2019
The Duke and Duchess of Sussex visit District 6 Museum in Cape Town, South Africa. Meghan wore a Veronica Beard blue button-down dress and Castañer espadrilles.
September 12, 2019
The Duchess Of Sussex attends the launch of the Smart Works Capsule Collection, while wearing a Misha Nonoo button-down and wearing butterfly earrings and a cuff that once belonged to Princess Diana.
July 14, 2019
The Duke and Duchess walk the red carpet for the Lion King premiere in London. Meghan wears a Jason Wu dress and Nikos Koulis earrings with a Gucci clutch.
July 13, 2019
The Duchess of Sussex enjoys Wimbledon in her Le Specs sunglasses and Jennifer Meyer earrings.
July 4, 2019
Meghan Markle attends Wimbledon to watch her friend Serena Williams. She wore her L'Agence blazer and Finlay sunglasses, and a delicate necklace with an A for Archie.
June 8, 2019
Meghan Markle steps out for her first royal appearance since giving birth. She attends the 2019 Trooping the Colour with Prince Harry in a Givenchy dress and hat by Noelle Stewart.
May 8, 2019
The Duke and Duchess of Sussex present their baby, Archie, to the world. She wears a Wales Bonner trench coat dress, Manolo Blahnik pumps, and Jennifer Meyer necklace.
March 19, 2019
Prince Harry and Meghan arrive at New Zealand House in London to pay tribute to the victims of the New Zealand terrorist attacks. Meghan wears a vintage black cape, Gucci clutch and Aquazzura black cut-out pumps.
March 11, 2019
Meghan wore a Victoria Beckham dress, coat, clutch, and shoes to the Commonwealth Day Service at Westminster Abbey.
March 11, 2019
The Duke and Duchess Of Sussex attend a Commonwealth Day youth event at Canada House. The Duchess wore a Erdem set, Givenchy clutch, Aquazzura heels, and Birks earrings.
March 8, 2019
Meghan wore a Reiss printed dress, an Alexander McQueen blazer, a Stella McCartney clutch and Manolo Blahnik pumps to the International Women's Day panel discussion.
February 24, 2019
The Duchess Of Sussex wore Dior head to toe and Birks earrings while visiting Morocco.
February 24, 2019
The Duke and Duchess arrive to the "Education For All" boarding house in Atlas Mountains in Morocco. Meghan wore an Alice and Olivia blazer and Birdies slippers.
February 23, 2019
The Duke and Duchess Of Sussex visit Morocco. Meghan wore a Valentino dress, a Valentino clutch, and Gianvito Rossi gloves and pumps to meet the Crown Prince of Morocco, Moulay Hassan.
February 20, 2019
Meghan arrives at The Mark Hotel in New York City. She is seen wearing Cuyana Bag, a Jennifer Meyer necklace, and Adidas sneakers.
January 30, 2019
Meghan Markle visits the National Theatre wearing a Brandon Maxwell dress and blazer, a Carolina Herrera clutch, and Aquazzura pumps.
January 14, 2019
Meghan wears a Sentaler coat, an Artizia dress, a Gabriela Hearst bag, and Stuart Weitzman red pumps to visit a new statue of poet Wilfred Owen.
December 10, 2018
Meghan appears at the Fashion Awards at the Royal Albert Hall. The Duchess wore a Givenchy dress, Tamara Mellon heels, Pippa Small earrings and bangles.
November 19, 2018
Meghan wore Safiyaa dress and Gianvito Rossi pumps to the The Royal Variety Performance 2018.
October 29, 2018
Harry and Meghan visiting New Zealand during their Autumn tour Australia, Fiji, Tonga and New Zealand. Meghan opted for Adidas Stan Smith sneakers for this occasion.
October 27, 2018
Meghan Markle attended the wheelchair basketball game wearing a Scanlan Theodore top and Sarah Flint pumps.
October 27, 2018
For the Invictus Games Closing ceremony, Meghan wore an Antonio Berardi Tuxedo dress and Aquazzura pumps.
October 24, 2018
Meghan wore a Figue dress with Castañer espadrilles during their visit to Suva, Fiji.
October 22, 2018
The Duke and Duchess of Sussex on their royal tour in Australia. The duchess steps out in a Reformation dress with Sarah Flint sandals.
October 21, 2018
Meghan spotted wearing Veja sneakers during day two the Invictus Games in Sydney, Australia.
October 21, 2018
Meghan Markle attended a reception hosted by the Prime Minister of Australia at The Pavilion Restaurant, wearing White Blazer, Oroton bag, and Aquazzura pumps.
October 18, 2018
The Duke and Duchess of Sussex visit south Melbourne Beach during their 16 day Autumn tour. Meghan wore an a-line Club Monaco dress, Martin Grant trench coat, and Rothy's flats.
September 6, 2018
The Duchess of Sussex attended "100 Days of Peace", she wore a Jason Wu blue dress, Aquazzura pumps, Birks earrings, and bespoke Dior bag.
August 29, 2018
The Duke and Duchess of Sussex attended a gala performance of "Hamilton". The Duchess wore Judith & Charles Blazer dress, Paul Andrew pumps, and Shaun Leane earrings.
July 26, 2018
Meghan Markle wore a Carolina Herrera denim wrap dress, Birks earrings, J Crew bag, and Aquazzura pumps to the Sentebale Polo in 2018.
July 9, 2018
For christening of Prince Louis of Cambridge, Meghan wore Ralph Lauren dress, Stephen Jones hat, and LK Bennett pumps.
July 5, 2018
Duchess of Sussex attend the Your Commonwealth Youth Challenge. She wore Brandon Maxwell dress, Manolo Blahnik pumps, and Adina Reyter earrings.
July 14, 2018
The Duchess of Sussex attended the Wimbledon Championship wearing Ralph Lauren Top and Bottoms, Maison Michel hat, and Illesteva sunglasses.
June 26, 2018
The Duchess and Duke of Sussex with the Queen at the Queen's Young Leaders Awards Ceremony wearing Prada top and skirt and Aquazzura pumps.
Kayleigh Roberts is a freelance writer and editor with over 10 years of professional experience covering entertainment of all genres, from new movie and TV releases to nostalgia, and celebrity news. Her byline has appeared in Marie Claire, Cosmopolitan, ELLE, Harper’s Bazaar, The Atlantic, Allure, Entertainment Weekly, MTV, Bustle, Refinery29, Girls’ Life Magazine, Just Jared, and Tiger Beat, among other publications. She's a graduate of the Medill School of Journalism at Northwestern University.
-
Princess Beatrice's New Baby Will Inherit a Unique Royal Title
Her new little one will arrive in spring 2025.
By Kristin Contino Published
-
The Most Amazing Celebrity Career Renaissances
Including some literal "rags to riches" trajectories.
By Katherine J. Igoe Published
-
The quantum physicist and the clean-energy consultant have become one of season 7's fan-favorite couples.
The quantum physicist and the clean-energy consultant have become one of season 7's fan-favorite couples.
By Quinci LeGardye Published
-
Prince Harry Meets Up With Another Royal Family During His First Stop in Africa
The Duke of Sussex spent time with some old friends in Lesotho on Oct. 1.
By Kristin Contino Published
-
Royal Expert Says Princess Diana "Would Have Giggled With Delight" at Prince Harry's Choice to Fight Back Against Palace
"Diana would, I'm sure, have been very supportive of the choices Harry has made.”
By Kristin Contino Published
-
Prince Harry Received the Sweetest Gift From a 10-Year-Old Girl to Use “If He Feels Down”
The Duke of Sussex called the present "a lovely gesture."
By Kristin Contino Published
-
Prince Harry Reveals the One Thing His Daughter Princess Lilibet Can't Live Without
"Every parent has a spare. I’ve got at least six spare."
By Amy Mackelden Published
-
Prince Harry Is Heading on a Solo Trip to Africa in October
The duke will work with his charity Sentebale to highlight youth programs in Lesotho and South Africa.
By Kristin Contino Published
-
Princess Theodora of Greece Marries American Matthew Kumar in Royal Wedding
The royal nuptials had previously been postponed on two separate occasions.
By Amy Mackelden Published
-
Prince Harry Shocks Haunted House Employees During Surprise Jimmy Fallon Appearance
Can't blame them.
By Kristin Contino Published
-
Prince Harry Shares What He Finds "Absolutely Terrifying" as a Parent
The Duke of Sussex wrapped up his trip to NYC by speaking out on an issue close to his heart.
By Kristin Contino Published