Prince Harry and Meghan Markle’s luxurious home in Montecito, California, has seen a remarkable increase in value since they purchased it in the summer of 2020.
The nine-bedroom mansion, which they bought for approximately $14.7 million, has now increased in value impressively, according to Zillow.
Harry and Meghan’s Montecito Mansion
California’s housing market has been on a steady rise, and Montecito is no exception.
The median home price in California has risen by about 41% since June 2020, while Montecito has experienced a 47% increase. However, the value of Harry and Meghan’s home has surged by an impressive 110% in the same period.
When they purchased the property in June 2020, it was valued at $14,099,456. Recent estimates now place the 18,671-square-foot mansion at a staggering $29,632,900, with a 6.2% increase in the past month alone.
Meghan’s upcoming Netflix series, With Love, Meghan, which premieres on January 15, could further boost interest in their home.
Although the series was filmed at a different $8 million property nearby, the publicity around their lifestyle can still impact property values.
According to experts, a home’s value is influenced by various factors including location, size, amenities, and the overall housing market.
Hannah Jones, a senior economic research analyst for Realtor.com, pointed out that even in high-demand areas like Montecito, a home doubling in value since 2020 is unusual.
She attributes this significant increase to factors such as renovations, additions, and the fame of the homeowners.
Montecito itself is known for being a coveted celebrity enclave, hosting famous names like Oprah Winfrey, Ellen DeGeneres, and Katy Perry. This celebrity presence continues to drive up property values in the area.