Prince Harry and Meghan Markle Plan to Sell Montecito Mansion and Relocate to Los Angeles

Prince Harry and Meghan Markle are reportedly considering selling their luxurious Montecito mansion and making a move to Los Angeles.

According to TMZ, the Duke and Duchess of Sussex have set their sights on Hollywood, where many of their celebrity friends reside.

While they haven't started visiting properties in Los Angeles just yet, sources claim that the couple is exploring various neighborhoods as they search for a new home in Tinswana.

This potential move aligns with Markle's desire to make a comeback in Hollywood in recent months.

However, a source close to the couple's friend revealed that the Montecito house does not actually belong to Meghan and Harry, making it impossible for them to sell it.

Despite purchasing the property at a significantly reduced price, it was still beyond their means.

They had to take out a mortgage of over $9 million, and it is unlikely that they have built up any equity.

Their lack of financial awareness and the pressure to keep up appearances may have put them in a precarious situation, especially if they refinanced or took out additional loans.

Moreover, the Montecito mansion has its fair share of issues.

It has plumbing problems, a persistent smell from the nearby Bird Sanctuary, and even a history of mudslides on the premises.

In fact, it took over two years to sell the last time it was on the market, eventually being sold at a two-thirds reduced price.

With the new millionaire tax coming into effect in California, the Olive Garden (as the mansion is known) may struggle to find buyers or may require a substantial loss to be sold quickly.

However, Meghan has a plan for the money she will receive from her deal with Omid Scobie for her upcoming book, “Endgame.”

Sources indicate that Meghan is entitled to 68% of the revenue generated from the book, including her plot or script and the sales of copies.

The remaining 32% goes to Omid Scobie.

It seems that Meghan holds King Charles responsible for their Netflix deal and the book “Endgame.”

She claims that the king has cut off all privileges for the Sussexes, leaving them no choice but to tarnish the royal family's image in order to secure funds for purchasing a house in America.

It appears that they underestimated the magnitude of the multi-million dollar deals they signed and are now struggling to deliver on their promises, prompting them to shift blame onto others.

Their financial troubles stem from their extravagant spending without generating sufficient income.

Additionally, they may have to wait several years before receiving payment for the “Meet Me at the Lake” movie project.

Although Netflix has already paid for the rights to the book, they will not provide any additional funds until the project is completed.

Meanwhile, their mortgage payments, recurring expenses, and retainer fees continue to drain their bank account.

This is likely why they are contemplating selling the Olive Garden mansion and relocating to Los Angeles.

They may try to present it as an upgrade, but the new house will likely be less expensive than their current residence.

In conclusion, Prince Harry and Meghan Markle are reportedly planning to sell their Montecito mansion and move to Los Angeles.

While their desire to be closer to Hollywood and Markle's aspirations for a comeback in the entertainment industry make sense, the couple faces financial challenges and a problematic property that may hinder their plans.

Only time will tell how this potential relocation will unfold for the Duke and Duchess of Sussex.