Breaking: Prince Harry, Meghan Markle face another financial blow….See More

Prince Harry and Meghan Markle also lost the lucrative book deal they had with Penguin Random House

Prince Harry and Meghan Markle are facing another blow as their Montecito mansion’s value dropped by £1million. The couple also reportedly lost their lucrative book deal with Penguin Random House.

The Duke and Duchess of Sussex have lived in the mansion since 2020, when they moved to the states after stepping down as senior working royals. The couple bought the house for £11million.

Property expert Terry Fisher of We Buy Any Home spoke about the drop in the value, telling People’s Channel: “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,” he added.

“Today, it’s valued at £23.3million – a 110 percent increase driven by high demand and limited availability in this celebrity-driven neighborhood,” he noted.

“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 % in the short term, bringing the property value closer to the £21-22million range,” he explained.

Higher insurance premiums – common in fire-prone areas – may also add to buyer hesitancy, especially among those unfamiliar with managing properties in these regions,” he added.

Prince Harry and Meghan Markle live in the mansion with their kids Prince Archie and Princess Lilibet.