Meghan Markle and Prince Harry’s Californian property has suffered a £1million drop in value following the wildfires that have devastated the region, GB News understands.
The Montecito mansion, based about 90 miles north of the Los Angeles area, has been home to the American-based royals since they moved to the US in 2020.
Meghan Markle and Prince Harry have resided in the “high fire risk” region for nearly five years with their children, Prince Archie, five, and Lilibet, three.
Property expert Terry Fisher of We Buy Any Home told the People’s Channel that the property had seen a remarkable value increase since the couple moved to the region due to high demand.
Meghan Markle and Prince Harry’s Californian property has suffered a £1million drop in value following the Wildfires that have devastated the region, a property expert exclusively told GB News
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He said: “Homes here are lifestyle investments, with buyers paying a premium for privacy, exclusivity, and stunning surroundings.
“The property’s original purchase price of around £11million was a strategic buy during the market’s post-pandemic recovery.
“Today, it’s valued at £23.3million – a 110 per cent increase driven by high demand and limited availability in this celebrity-driven neighbourhood.”
However, the property expert explained that wildfires can affect property valuations, especially in high-risk areas like Montecito.
Prince Harry and Meghan Markle stepped out to support victims affected by the Eaton Fire in California
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Fisher exclusively told GB News: “For a luxury property like the Sussexes’ home, which is currently valued at £23.3million, the immediate impact of recent wildfires might result in a valuation adjustment of around five to 10 per cent in the short term, bringing the property value closer to the £21-22million range.
“Higher insurance premiums – common in fire-prone areas – may also add to buyer hesitancy, especially among those unfamiliar with managing properties in these regions.”
Fisher suggests that given the properties “state-of-the-art fire safety features and the broader prestige of Montecito as a luxury enclave” a significant long term drop in value in unlikely.
He added: “The property’s unique appeal and the steady demand for homes in this exclusive neighbourhood will likely stabilise its valuation in the mid to long term, and it may continue to appreciate modestly once market confidence recovers.”
Prince Harry and Meghan Markle have opened their £23 million Montecito mansion to friends and loved ones forced to evacuate from devastating southern California wildfires
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Fisher continues: “In the long term, being in a high-risk fire zone may slow the pace of valuation growth, but Montecito’s unique position in the luxury market helps mitigate this.
“While properties in the area may see a five to 10 per cent reduction in potential appreciation compared to similar luxury markets with fewer environmental risks, Montecito’s appeal often offsets these concerns.
“Homes like the Sussexes are typically equipped with fire-resistant materials, defensible landscaping, and advanced safety systems, which help reassure buyers.
“The affluent buyer pool in Montecito is less deterred by these risks, ensuring demand remains steady.”
The red flag warning effected the majority of southern California, coming close to Montecito where the Duke and Duchess of Sussex reside
Montecito fire department
The expert highlighted to GB News that due to the area’s “prestige” reputation, the wildfires are unlikely to cause long-term depreciation with values expected to “remain stable or appreciate modestly.”
Prince Harry and Meghan Markle have opened their £23million Montecito mansion to friends and loved ones forced to evacuate from devastating southern California wildfires.
The Duke and Duchess of Sussex also stepped out to support victims affected by the Eaton Fire in California.
GB News has approached the Sussexes for a comment.