Prince Harry and Meghan Markle’s $14.7M Montecito mansion ‘doubles’ in value amid surging property prices
LOS ANGELES, CALIFORNIA: Prince Harry and Meghan Markle's Montecito residence has seen its value double since they bought it in the summer of 2020, as reported by Zillow. The nine-bedroom estate is now valued at over $29 million.
California's home prices have been steadily increasing in recent years, with the housing market making a strong recovery after a brief dip in 2023.
Prince Harry and Meghan Markle's Montecito home sees remarkable rise in value
Since June 2020, when the couple purchased their Montecito mansion, the median home price in California has risen by approximately 41 percent. In Montecito specifically, the median price has increased by about 47 percent, according to Redfin.
Harry and Meghan's property, however, has seen a remarkable 110% increase in value during the same period.
When Prince Harry and Meghan Markle bought their Montecito mansion in June 2020, it was valued at approximately $14.1 million, based on property records reviewed by Newsweek. They acquired the home for around $14.7 million.
According to a Zillow estimate, the 18,671-square-foot estate is now valued at $29.6 million, reflecting a 6.2% increase in its worth over the last 30 days.
Meghan's upcoming homemaking series on Netflix, set to debut on January 15, could further spark interest in the property, although the show was filmed at a separate $8 million residence.
"The release of Meghan's new Netflix series 'With Love, Meghan' will undoubtedly only increase interest in the couple's home life—despite the fact that it wasn't actually filmed inside the couple's marital mansion, but rather at a borrowed property just a few minutes away," Charlie Lankston, Executive Editor at Realtor.com, told Newsweek.
Montecito home prices outpace California growth with 47.3% increase
The value of a home is influenced by various factors, including its location, size, amenities, and the overall state of the housing market and economy.
Hannah Jones, a senior economic research analyst at Realtor.com, shared with Newsweek that California's median home price has increased by 29.7% over the past five years.
Montecito's growth outpaced the state, with a 47.3% rise in the same period. According to Redfin, the number of homes sold in California saw a 12.4% year-over-year increase in November 2024, although sales in Montecito dropped by 36.4%.
The California Association of Realtors (CAR) reported that the state experienced its "largest yearly increase in existing home sales since June 2021" during the same month.
