Prince Harry and Meghan Markle downsizing mansion to cut back ‘enormous’ expenses
Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, are reportedly facing significant financial challenges, leading them to reconsider their living arrangements and overall lifestyle to stabilize their careers and finances.
Amid a year marked by financial turmoil, the couple is contemplating moving from their lavish $14 million mansion in Montecito, which spans 7.4 acres. The decision to relocate is partly driven by the high maintenance costs associated with such a luxurious property.
An insider shared with Life & Style magazine that Harry and Meghan are considering a move to Los Angeles. The primary motivation behind this potential relocation is to enhance their social network, which has become increasingly important due to their strained relations with the royal family.
The source emphasized the couple’s need for a dependable social circle to share holidays and dinners, noting that “otherwise, they’re going to lose their minds just staring at each other every day.” Additionally, moving to Los Angeles would significantly reduce their living expenses, particularly the substantial landscaping costs incurred at their current Montecito residence.
Furthermore, the Sussexes are exploring the possibility of returning to the UK for part of the year, not only to potentially mend ties with the royal family but also as a financial strategy. A source told The Mirror that the couple’s “financial woes” have reached a point where Meghan is considering spending eight months in Montecito and the remaining four months in the UK.
These financial difficulties come in the wake of issues surrounding their deals with major streaming platforms. The fallout from their Spotify agreement and the uncertainties regarding the renewal of their contract with Netflix have added to their economic pressures.
The Duke and Duchess of Sussex’s financial situation highlights the challenges they face in balancing their public roles, personal lives, and business endeavors following their departure from full-time royal duties. Their potential moves, both to Los Angeles and the UK, reflect a strategic approach to managing these challenges while seeking to maintain a degree of stability and normalcy in their lives.