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Harry and Meghan Sell Their House Amidst Lavish Spending Spree Following King Charles’ Coronation
Moving trucks have been spotted at Harry and Meghan’s Montecito mansion, sparking rumors that the couple has sold their house.
Speculation about their living arrangements has been circulating for some time now, with reports earlier this year suggesting that they were considering selling their property in Montecito.
While the house won’t be officially listed on the market due to their celebrity status, it is only being shown to serious buyers with confirmed funds.
According to sources, there is more to this move than meets the eye.
As the world begins to open up again, Harry and Meghan have grand ambitions on a global scale.
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They want to strengthen their connections across the United States and around the world, which means expanding their property portfolio accordingly.
Although they are content in Montecito, the couple finds the location a little isolated from a socializing perspective.
To rectify this, they are looking to purchase a small townhouse or beach pad in Beverly Hills or Malibu.
Additionally, they are considering different houses in Montecito itself.
The couple aims to broaden their horizons and mingle more extensively this year.
They are even contemplating an apartment in Manhattan and possibly Washington D.C.
Maintaining their current residence requires a significant amount of upkeep, leading them to question its worth if they won’t be based there full-time.
Moreover, the Sussexes face the potential loss of their Frogmore Cottage in the UK following their move.
After stepping down from the royal family, Harry and Meghan no longer receive funds from the Sovereign Grant.
The collapse of Silicon Valley Bank has also affected their finances, as many draw parallels between the bank collapse and the former royals, who are now based in California.
Royal biographer Angela Levin sheds light on the financial situation, stating that King Charles made it clear to Harry and Meghan that he is not a bank.
While the couple received millions to help them settle down when they left the royal family, Harry allegedly constantly complained to the king, demanding more money due to their extravagant spending habits.
It seems that Harry’s lavish purchase of an £11 or £14 million house with 16 bathrooms left him unfamiliar with budgeting.
With the recent passing of Queen Elizabeth II on September 8, 2022, her son Charles ascended to the throne as King Charles III, making Prince William the heir to the British throne.
This significant event resulted in William inheriting multiple new titles and expanding his property portfolio.
Notably, he inherited the Duchy of Cornwall, a vast estate spanning approximately 130,000 acres in southwest England, estimated to be worth around $1.2 billion in 2022.
The Duchy of Cornwall was established in 1337 by King Edward III to provide private income for his heir, Edward, later known as the Black Prince.
Even after 685 years, it continues to fulfill its purpose of funding the heir to the throne.
The estate comprises 2,640 leases and tenancy agreements, 260 farms, development land valued at approximately $67 million, and commercial property worth around $397 million.
The revenue generated from the estate is used to fund both public and charitable activities.
In conclusion, Harry and Meghan’s decision to sell their Montecito mansion appears to be driven by their desire to expand their global influence and strengthen their connections.
While they are content in Montecito, they seek a more social environment and are considering purchasing additional properties in Beverly Hills, Malibu, Manhattan, and possibly Washington D.C.
The couple’s extravagant spending habits have come under scrutiny, with reports suggesting that they faced financial difficulties after losing financial support from the Sovereign Grant and being affected by the collapse of Silicon Valley Bank.
On the other hand, Prince William’s recent inheritance has significantly expanded his property portfolio, adding to his already impressive list of titles and responsibilities.
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