Prince Harry and Meghan Markle‘s house purchase in Montecito may have been a good investment—as prices have soared by 43 percent.
The Duke and Duchess of Sussex bought their $14.7 million mansion in Santa Barbara County in the summer of 2020.
The 7-acre property has its own swimming pool, sauna and gym as well as 19 bathrooms in expansive, private grounds.
Since the purchase, the property may have increased in value in line with the surrounding Montecito homes.
Martha J. Mosier, president of Berkshire Hathaway HomeServices California Properties, described to The New York Times how the average sale price had gone up by 43 percent in 2021 compared to the year before.
She added: “More and more executives no longer have to remain in L.A. or in San Francisco.”
Danielle Hale, chief economist at Realtor.com, also told The New York Times California as a whole may see growth slow down in 2022, however.
She said: “A lot of these California markets are going to see home prices grow half as fast as they did in 2021.
“That should be a relief for buyers.”
The house in Montecito has a games room, an arcade, a theater, a tennis court and a children’s cottage and the area is home to Oprah Winfrey and Ellen DeGeneres, both friends of the couple.
Prior to buying, the couple had been staying in Tyler Perry’s Los Angeles mansion where they were targeted by the paparazzi.