Prince Harry and Meghan Markle received some upsetting news soon after the Duke of Sussex had marked a major victory in legal case against UK publishers.
Harry and Meghan had moved to the US to live more independent life from the royal family and in part to get away from the constant British media scrutiny back in 2020.
The couple’s home, where they live with their two children, Prince Archie, five, and Princess Lilibet, three, is around 90 miles north of the Los Angeles area, which was recently struck by devastating wildfires.
The multimillion-dollar property is now suffering a devaluing following the catastrophe in the region, per Property expert Terry Fisher.
Per the expert, the mansion is looking at a £1million drop in value just a month after a report suggested that property prices were down 14.1 per cent.
“Homes here are lifestyle investments, with buyers paying a premium for privacy, exclusivity, and stunning surroundings,” Fisher explained to GB News, noting that the property’s original purchase price was around £11million.
He explained that it the Sussexes’ strategic purchase after the pandemic as it is “valued at £23.3million – a 110 per cent increase driven by high demand and limited availability in this celebrity-driven neighbourhood.”
Although, given the recent wildfires, especially in high-risk areas like Montecito, there is a drop in the price bringing the property value closer to the £21-22million range.
However, Fisher noted that this may not be a “long-term” drop.
“While properties in the area may see a five to 10 per cent reduction in potential appreciation compared to similar luxury markets with fewer environmental risks, Montecito’s appeal often offsets these concerns,” he told the outlet
“Homes like the Sussexes are typically equipped with fire-resistant materials, defensible landscaping, and advanced safety systems, which help reassure buyers.”
