On June 18, the pair bought the sprawling nine-bedroom and 16-bathroom home in luxurious Montecito for $14.65million making them neighbours with celebrities Oprah Winfrey and Ellen DeGeneres.
The 14,563-square-foot house, known as ‘The Chateau,’ sits on 5.4 acres of land and borders the stone-pillared gates of the estate’s immaculately trimmed hedges.
The seller is believed to be Russian tycoon Sergey Grishin who purchased the palatial house in 2009 for over $25 million and attempted to sell the property for up to $34 million before finally taking a loss.
Grishin is also the former owner of another California estate-known as the Scarface mansion since it appeared in Al Pacino ‘s 1983 movie-which sold $12million in 2015 for a similarly cut price.
Property listings claim the home took almost five years to build and featured a library, office, spa with a separate dry and wet sauna, gym with a stripper pole, gaming room, arcade, theatre, wine cellar and 5-car garage.
According to Zillow, the entrance to the property opens into a large lane paved with hand-cut Santa Barbara Stone that leads to the main residence through a grand archway of trees.
The estate has sweeping lawns, tiered rose gardens, tall Italian cypress trees, flowering lavender, centuries-old olive trees, a tennis court, tea house, cottage for children and a pool.
It also boasts a two-bedroom, two-bath guest house, suitable for Meghan ‘s mother Doria, who serves as Archie’s nanny from one year. Doria’s been to the house already, TMZ says.
The house was upgraded with the new Lutron lighting systems, and Crestron, including iPad power, according to Zillow.
The property is in a beautiful and secluded Montecito estate on a private lane.
The home is about a two-hour drive from downtown Los Angeles and almost every house is built for privacy in the multi-million dollar neighbourhood, with long driveways and wide gates.
It is assumed that Harry and Meghan bought the luxurious property after receiving a $9.5 million mortgage, meaning they made a down payment of more than $5million.
The pair will have to spend $40,000 a month at average interest rates, or $480,000 a year to repay the mortgage for 30 years.
Annual property tax is projected at $68,000, and there will also be large bills for the protection and maintenance expenses for the massive house.
With the British government still owing £2.4million ($3.1million) to renovate Frogmore Cottage, their former home near Windsor Castle, the pair have purchased the house.
The couple decided to spend £18,000 ($24,000) a month to cover the expense of refurbishing the home, and on Wednesday royal specialist Ingrid Seward said the new investment was ‘not going to be looked at very favourably.’
Reports said yesterday that Harry and Meghan purchased the house with Prince Charles’ assistance, but a source told DailyMail.com that the couple’s feeling happy to have struck out on their own, claiming they did it without his family’s support.
‘They have a mortgage, but they see it like their own house, free to depend on someone else – a proper home for the family,’ the source said.
The joint fortunes of Harry and Meghan had been estimated to be around $43million at their peak.
Having changed hands in 2009, the home was offered for $34.5million by Sotheby’s six years later but had no takers.
In January this year, it was ultimately relisted for $16,975,000 and sold to the Sussexes for $2,325,000 less than the asking price.
Page Six confirmed the couple had been staying in the last six weeks in Santa Barbara.
The seller was a limited liability company belonging to Russian businessman Sergey Grishin, who previously had to sell the Scarface estate for a fraction of its initial asking price, according to the LA Times.
The setting was originally used for Tony Montana’s mansion ‘s exterior shots in Scarface, although other scenes-including the final dramatic shoot-out-were filmed on sets.
The palatial house, set in 10 acres, was initially put on the market for $36million in May 2014 after Grishin purchased it in 2008.
The vast ‘El Fureidis’ – meaning ‘Tropical Paradise’ in Spanish – ultimately amounted to $12.26million, just a third of its initial list.