How Meghan And Harry Hit The Jackpot With Their New Montecito Home

Prince Harry and Meghan Markle packed their bags and headed to California following their exit from the royal family in early 2020. The Duke and Duchess of Sussex eventually settled in Montecito, a quiet community in Santa Barbara, per Vogue. The pair are said to enjoy living in the upscale community. "Harry loves California, but they were both drawn to the smaller town of Santa Barbara, where they can integrate into the community while having some distance and privacy that is hard to come by in the Los Angeles area," a source told the magazine.

The Sussexes' home features nine bedrooms, 16 bathrooms, a private playground, library, office, spa, cinema room, arcade room, wine cellar, and a large five-car garage. They also have a guest house that includes two bedrooms and two bathrooms (via The Mirror). The royals also have some very famous neighbors, as A-listers such as Oprah Winfrey, Robe Lowe, Ariana Grade, Meg Ryan, Adam Levine, Gwyneth Paltrow, and Ellen DeGeneres live near them, per Architectural Digest.

While the couple bought their mansion in 2020, they may already be seeing the fruits of their investment.

According to Newsweek, Prince Harry and Meghan Markle purchased their Montecito mansion in the summer of 2020. The Duke and Duchess of Sussex were said to have paid about $14.7 million for the Santa Barbara home, which features 7 acres of property, including a swimming pool and personal gym. However, since the time that the Sussexes invested in the property, things have changed.

The outlet suggests that home prices in Meghan and Harry's Montecito community have skyrocketed by up to 43 percent. This means that the couple's home may have increased in value, along with the other lavish homes that surround their property. "More and more executives no longer have to remain in L.A. or in San Francisco," Martha J. Moiser, president of Berkshire Hathaway Home Service California Properties said of the possible reason for the spike.

However, Danielle Hale, chief economist at Realtor.com, says that the growth may slow down in 2022. This means that if the rumors of Harry and Meghan looking to sell their mansion (via The Mirror) are true, they may want to start the process as soon as possible. In addition, if the Sussexes want to upgrade their home, but stay in the same general area, they may be looking to pay a higher price for any new properties.

Even though Meghan and Harry have ultimately decided that this stunning Montecito home isn't the right one for them, that doesn't mean they didn't accumulate happy memories in the few years they were there, particularly since they experienced Archie's first few years in that home, as well as the birth of their daughter, Lilibet (via Town and Country).

"Instead of a castle, they live in a mansion in Montecito overlooking the Pacific Ocean," once source shared of how different their lives are in California, rather than the United Kingdom (via The News). The home even boasted a "cool playhouse in their garden" that Archie loved "running around the lawn with the dogs."

And although Meghan and Harry are mega-famous, in Montecito, they're pretty much average Joes compared to their neighbors — which means they fit in well amongst them.

"Meghan and Harry include Archie and Lili in all of their socializing, so they have a few famous friends of their own," the source continued. "They've had playdates with Katy Perry and Orlando Bloom's 16-month-old, Daisy, and David Foster and Katharine McPhee's baby boy, Rennie [10 months], as well."

That being said, Meghan and Harry still want to make sure that their children grow up grounded. "They will make sure Archie and Lili get a diverse education and want them to be able to express what's on their mind," the source said.

Although Harry and Meghan are reportedly not happy with the specific house they purchased or its location, they have plans to stay firmly put in the general Montecito area (via Marie Claire). "They want to stay in the neighborhood or nearby" a source told the Daily Mail.

So while this specific property — named the Chateau of River Rock by its previous owner — isn't right for them, clearly they chose right when the pair chose Montecito for their home.

Part of the reasoning behind relocating to Montecito was because Prince Harry reportedly "absolutely hated" the stint they spent living in Los Angeles (via The Cut). After their exit from the Royal family, the pair wanted to give L.A. a shot, but ultimately found it wasn't the right fit. According to a source, "the timing was so wrong amid the [coronavirus] pandemic and they lacked privacy."

Upon visiting Montecito as a teen — only an hour's drive from Los Angeles — Meghan found that she "fell in love with the picturesque scenery and stunning architecture." So it made sense for Harry and Meghan to set their sights on Montecito next, particularly since it's "far enough away to escape the crowds, paparazzi, and tourism in Hollywood."