Following their return to the States after the death of Queen Elizabeth II, Prince Harry and Meghan Markle appear to be relocating yet again. Reports suggest that the couple is currently shopping for a new home as they look to move out of their Montecito home, which is just a few minutes away from good pal Oprah Winfrey.This rumored development comes just as the couple continues to build a life for themselves outside of the royal family. And while several projects involving the Duke and Duchess of Sussex have been announced in recent years, it remains unclear if the ventures have been lucrative for the royal couple so far.
Prince Harry And Meghan Markle May Be Moving For Security Reasons
It is understood that the royal couple moved to the U.S. to enjoy privacy, and it seems that their lavish Montecito home is unable to provide that, much to their dismay. The area, which is also home to many other celebrities, has been targeted by a new Bling Ring-style criminal gang.
This is also the reason why several security cameras are currently being installed all over Montecito. “We've had some problems with professional burglars coming into the Montecito community,” Santa Barbara County undersheriff Craig Bonner said during an online meeting.
“We want these cameras up and running as quickly as possible to capture these folks as they come and go from the area.”
Because of this, it is believed that the royal couple is preparing to move again. And this time around, Prince Harry and Markle are reportedly interested in buying a home in Hope Ranch, which is understood to be quieter and hopefully, more secure.
Can Prince Harry And Meghan Markle Afford To Move Again?
As of 2021, estimates indicate that the Duke and Duchess of Sussex are worth around $5 million. According to a report from Forbes, Markle has contributed around $2 million based on her earnings from Suits while Prince Harry has the $10 million that he inherited from the late Princess Diana.
After their estimated down payment of $5 million for their Montecito home, however, it is believed that Prince Harry has less, understandably.
Now, it’s always possible to sell a home that comes with a mortgage but for Prince Harry and Markle, their ability to purchase a new house will also depend on the price of the new property that they are eyeing.
Hope Ranch is a highly exclusive enclave where homes can easily fetch as much as $22 million. And if the couple wants to secure it, Prince Harry and Markle would have to do a down payment on the home, which can be as little as 3.5% or $700,000 with the right qualification, according to the Federal Housing Administration (FHA).
On the other hand, the sale of the Montecito home can cover the costs of the couple’s existing $10 million mortgage so that should not be a problem, at least in theory.
At the same time, Prince Harry and Markle may have had some time to make renovations to their existing property, which can help increase its market value for when they put it up for sale.
How Are Prince Harry and Meghan Markle Earning These Days?
After stepping down as senior working royals, Prince Harry has claimed that they’ve stopped receiving money from the Crown. As such, the couple has had to create some income streams for themselves upon their exit.
One of the deals that the Duke and Duchess of Sussex entered into is a three-year podcasting contract with Spotify. Industry experts believe that this is worth anywhere between $15 million and $18 million. This has led to Markle’s podcast series, Archetypes, which made a brief hiatus as the royal family mourned the passing of Queen Elizabeth II.
At the same time, the couple also did a podcast back in December 2020, which was not yet part of the deal. That also seems to have marked the start of a holiday special, which would add an estimated $3.5 million a year to their earnings.
Aside from this, the royal couple’s Archewell Productions has also entered into a reported $100-million deal with Netflix, although it is unclear how much they’ve earned from the streamer since signing on in September 2020. So far, the streamer already canceled Markle’s animated project, Pearl, while Prince Harry’s Invictus Games series remains in production.
Aside from these, the couple has also been busy filming a reality series for Netflix, although further details on the project haven’t been made available yet. Moreover, recent reports have also suggested that Prince Harry and Markle are trying to make further changes to the show prior to its release in the wake of Queen Elizabeth II’s passing.
“Harry and Meghan are panicked about trying to tone down even the most basic language,” an industry source told Page Six. “But it’s their story, from their own mouths.” It also seems that the problem is that such a move may affect their working relationship with the streamer.
“They’ve made significant requests to walk back content they themselves have provided — to the extent that some Netflix staff believe, if granted, it will effectively shelve the project indefinitely,” a source from Netflix said. “Netflix is standing by the filmmakers.”
At the same time, Prince Harry also famously signed a book deal and is looking to publish his memoir sometime soon. And while it was expected to come out in 2022, that is now being reportedly pushed back to 2023 out of respect for the late Queen.
