- This week, news broke that Prince Harry and Meghan Markle (opens in new tab) have settled into a new home in Montecito, a community in Santa Barbara, California.
- The Sussex family (opens in new tab) 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 (opens in new tab) have moved into a new home in Montecito (opens in new tab)—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 (opens in new tab) 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 (opens in new tab). "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 (opens in new tab) 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."
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
March 5, 2020
October 25, 2019
October 22, 2019
Meghan Markle arrives to the One Young World Summit in an Aritzia dress paired with Manolo Blahnik pumps (opens in new tab).
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 (opens in new tab).
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 (opens in new tab).
September 12, 2019
The Duchess Of Sussex attends the launch of the Smart Works Capsule Collection, while wearing a Misha Nonoo button-down (opens in new tab) and wearing butterfly earrings and a cuff that once belonged to Princess Diana.
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.
February 24, 2019
The Duchess Of Sussex wore Dior head to toe and Birks earrings (opens in new tab) 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 (opens in new tab).