Prince Harry and Meghan Markle face another huge blow as their Montecito mansion has suffered a £1million drop in value, it has been reported.
The Duke and Duchess of Sussex, who stepped down as senior working royals in 2020, have lived in Montecito since their move to the US just months after making the decision to quit royal life.
Harry, 40, and Meghan, 43, bought the £11million home during the summer of 2020, moving in with their son Archie soon after.
Speaking of the home located about 90 miles north of Los Angeles, property expert Terry Fisher of We Buy Any Home told the People’s Channel that the property had seen a remarkable value increase since the couple moved to the region due to high demand.
He said: “Homes here are lifestyle investments, with buyers paying a premium for privacy, exclusivity, and stunning surroundings.
“The property’s original purchase price of around £11million was a strategic buy during the market’s post-pandemic recovery.”
Speaking of its likely price today, he added: “Today, it’s valued at £23.3million – a 110 percent increase driven by high demand and limited availability in this celebrity-driven neighbourhood.”
But discussing the current wildfires devastating LA, he said that such a disaster could decrease the value of the property.
He told GB News: “For a luxury property like the Sussexes’ home, which is currently valued at £23.3million, the immediate impact of recent wildfires might result in a valuation adjustment of around five to 10 % in the short term, bringing the property value closer to the £21-22million range.
“Higher insurance premiums – common in fire-prone areas – may also add to buyer hesitancy, especially among those unfamiliar with managing properties in these regions.”
The couple live at the home with their now-five-year-old son and three-year-old daughter, Lilibet.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.express.co.uk ’
