Montecito mansion sees value drop following wildfires in the region
Prince Harry and Meghan Markle have reportedly received disappointing news about their Montecito home’s value, just as the Duke of Sussex marked a legal win against UK tabloids.
The couple’s multimillion-dollar estate, where they reside with their children Prince Archie, 5, and Princess Lilibet, 3, has suffered a decrease in value due to recent wildfires in the Los Angeles region, according to property expert Terry Fisher.
Speaking to GB News, Fisher explained that homes in Montecito—known for their privacy, exclusivity, and breathtaking surroundings—are considered lifestyle investments. While the Sussexes’ property had previously appreciated significantly, soaring from £11 million to £23.3 million, recent environmental risks have caused a devaluation.
The expert estimated that the mansion’s worth may have dropped by £1 million, bringing it closer to the £21-22 million range. However, he noted that the decline may not be long-term, as Montecito remains a highly desirable location despite wildfire concerns.
“While properties in the area may see a five to ten per cent reduction in potential appreciation compared to similar luxury markets, Montecito’s appeal often offsets these concerns,” Fisher explained.
Additionally, luxury homes like Harry and Meghan’s are typically equipped with fire-resistant materials, advanced safety systems, and defensible landscaping, which helps reassure potential buyers.
Despite the temporary setback, Montecito continues to be one of California’s most sought-after celebrity enclaves, suggesting the Sussexes’ investment remains valuable in the long run.
