The Montecito mansion featured in the Netflix docuseries *Harry & Meghan* is proving to be a challenging property to sell, reflecting both the couple’s ongoing fallout with the royal family and broader trends in the luxury real estate market. Despite its notoriety and stunning features, the property has been on and off the market since August 2021, struggling to find a buyer.
The mansion, which spans 13,000 square feet and sits on two acres of land, was not the personal residence of the Duke and Duchess of Sussex. Instead, they rented the property for filming purposes during their time in Montecito, where they have lived since July 2020. The home boasts a large swimming pool and impressive aesthetics, yet it has been listed for sale multiple times without success.
In its initial listing, the property was priced at $33.5 million, but it was removed from the market within a month. It was relisted at the same price in March 2022, continuing to attract little interest while serving as a filming location for the Sussexes. Following the release of the docuseries in December 2022, the mansion was taken off the market again, only to return in April 2024 with a reduced asking price of $29.995 million.
Challenges in the Luxury Real Estate Market
Real estate broker Ryan Malmsten addressed the difficulties in selling the property in a recent interview with the *San Francisco Chronicle*. He noted, “We’ve come close on several occasions to selling it. For whatever reason, that particular buyer chose something else.” He highlighted a shift in buyer preferences, stating, “Buyers today are wanting way less square footage. They’ll pay the same amount, but they want a smaller home. That’s a big challenge.”
The luxury market in Montecito is characterized by large homes, which can limit the pool of potential buyers. Rachel Avery, Homes Editor for *HELLO!*, explained, “Houses in Montecito tend to be megamansions, so that already prices out a huge portion of the market.” She added that the property’s connection to Harry and Meghan may not have enhanced its appeal, as many fans may have assumed it was their personal residence rather than a rental property. The combination of high price tags and concerns over the area’s susceptibility to natural disasters like floods and fires further complicates the selling process.
Harry and Meghan’s Current Residence
Meanwhile, Prince Harry and Meghan Markle are settled into their own home, purchased in 2020 with a mortgage of $14.65 million. Their residence features nine bedrooms, 16 bathrooms, a private pool, a tennis court, a wine cellar, and a games room. According to estimates from Zillow, the value of their home has since increased to approximately $29 million, positioning them well in the current market.
The couple’s experience with real estate reflects a broader trend among celebrities, who often engage in buying and selling properties as a lucrative side venture. Avery noted, “I’ve been writing about celebrity homes for five years now, and if there’s one thing celebrities do well, that’s buy and sell properties.”
As the couple navigates their evolving relationship with the royal family and the complexities of the property market, the fate of the Montecito mansion remains uncertain. With ongoing fluctuations in buyer interest and preferences, the property may continue to pose challenges for its sellers in the foreseeable future.
