The Duke of Sussex, Prince Harry, and his wife, Meghan Markle, have reportedly been hit with a hefty property tax bill of more than $14.5 million (approximately £100,000) for their seven-bedroom and 15-bathroom sprawling Montecito mansion in California suburb just days before he is set to inherit a substantial royal fortune, media reports claimed.
The reports said the British Royals purchased the lavish California mansion for an estimated £11 million in 2020 to live in with their two young children, Prince Archie (five) and Princess Lilibet (three). The luxury Montecito mansion, which comes with a swimming pool and impressive views of the surrounding Santa Ynez Mountains, is located in Santa Barbara County.
The local government is now said to be charging the property a hefty new property tax bill.
The British royal couple reportedly paid a property tax of $146,600 (£112,000) last year, which was in two instalments. The Sun reported that the royal couple paid $144,000 (£110,000) in property tax in 2022 and $141,000 (£108,000) in 2021 for their Montecito mansion.
The new of property tax bill comes just before Prince Harry’s 40th birthday, where he is expected to inherit a significant sum of money from the late Queen Mother. The Times reports that Prince Harry’s late great-grandmother established a trust estimated at £19 million in 1994, intended to provide a tax-free lump sum to her great-grandchildren.
The money was to be divided among her younger relatives, with an initial payment on their 21st birthdays and a second payment when they turned 40, reports the Express.
“There was a trust fund set up at the time. It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way. It was a way in which some of her estate could be ring-fenced for them,” The Times reported citing a former Palace aide.
While the precise amount Prince Harry will get remains under wraps, it’s thought that he’ll pocket a cool £7 million once he turns 40 this Sunday.
Meanwhile, some royal experts, citing insiders, have suggested that Prince Harry is exploring ways to stage a “comeback” from his relative exile in the United States. Increased time in the UK could potentially help him mend his strained relationship with his father, King Charles. The tension between the father and son has been a topic of public interest since Harry and Meghan stepped down from their royal duties in 2020.