Meghan Markle and Prince Harry’s Montecito mansion has taken a financial hit, with its price dropping by more than £1 million amid ongoing speculation about their real estate plans.
As per GB News, the Duke and Duchess of Sussex Californian property has suffered a major drop of £1 million after the devastating wildfires in London.
Harry and Meghan live in the Montecito mansion, based about 90 miles north of the Los Angeles area, since they moved to the US in 2020.
The couple along with their children, Prince Archie, five, and Lilibet, three lived in the “high fire risk” region for nearly five years.
According to the property expert Terry Fisher of We Buy Any Home told the People's Channel that the went through an astonishing value increase since the couple moved there.
But he revealed that the wildfires may have an impact on home values, particularly in high-risk locations like Montecito.
Fisher exclusively told the outlet, "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 per cent in the short term, bringing the property value closer to the £21-22million range.”
He added, “Higher insurance premiums - common in fire-prone areas - may also add to buyer hesitancy, especially among those unfamiliar with managing properties in these regions."
The expert stated that the properties "state-of-the-art fire safety features and the broader prestige of Montecito as a luxury enclave" a significant long term drop in value in unlikely.
He noted, “The property’s unique appeal and the steady demand for homes in this exclusive neighbourhood will likely stabilise its valuation in the mid to long term, and it may continue to appreciate modestly once market confidence recovers.”
Fisher mentioned, “In the long term, being in a high-risk fire zone may slow the pace of valuation growth, but Montecito’s unique position in the luxury market helps mitigate this.”
The expert revealed that due to the area's "prestige" reputation, the wildfires would not cause long-term depreciation with values expected to "remain stable or appreciate modestly.”
