Home / Lifestyle / Montecito Market Dips: Sussexes' Home Value Questioned
Montecito Market Dips: Sussexes' Home Value Questioned
15 Apr
Summary
- Montecito housing market sees fewer sales and lower prices.
- Harry and Meghan's home, bought for $14.65 million, may be worth $29 million.
- Meghan emphasized protecting their home as a private family sanctuary.
Prince Harry and Meghan Markle are currently on a tour of Australia, engaging with fans and visiting various locations. Meanwhile, news has emerged regarding a downturn in the real estate market in their hometown of Montecito, California. Reports indicate a decrease in available properties and lower final sale prices during the first quarter of this year.
During their absence, it has been noted that only five properties in Montecito sold for over $10 million in the first quarter. Many sellers have reportedly had to lower their prices. While the Duke and Duchess of Sussex are not believed to be considering selling their property, their seven-acre estate, officially known as the Chateau of Riven Rock, was purchased for $14.65 million and is now estimated by Zillow to be worth $29 million.
Meghan has previously spoken about their decision to purchase the home, noting their desire for a place that offered 'joy' and 'calm.' She also emphasized the importance of protecting their home as a private family sanctuary, opting not to film a Netflix series there to preserve their intimate family moments.
