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Meghan and Harry’s California Mansion: A Financial Burden?
The Duke and Duchess of Sussex may be facing financial difficulties after losing their Spotify deal.
Reports suggest that the couple’s multi-million pound mansion in California may not be entirely theirs, as their names do not appear on grant deeds related to the property.
Public records reveal that the estate was quietly sold in mid-June to a mysterious trust with a deliberately opaque name.
However, the trust happens to share a mailing address with Meghan Markle’s longtime Hollywood business manager.
The buyers secured a $9.5 million mortgage to acquire the 7.4-acre compound, which is securely tucked away on a private, gated street.
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Despite the hefty price tag, it could be argued that Meghan and Harry scored the property at a discount of sorts.
The seller, low-profile Russian businessman Sergei Grishin, acquired the estate in 2009 for $25.3 million.
However, he sold it in 2020 after having difficulty coming up with the payment in full, despite getting a mortgage.
It is unclear whether Charles, Prince of Wales, financially supported the couple in purchasing the property.
The couple had negotiated the inclusion of furnishings and decor in the purchase, which allowed them to get a turnkey property.
However, even with this arrangement, rumors suggest that Tyler Perry had to lend the couple millions of dollars to sort things out.
Questions have been raised about the true ownership of the property, with YouTubers doing a deep dive into who really owns the place.
All that is known for sure is that the property has always been available for rent or hire for filming purposes, at a rate of $700 an hour.
The current holder of the papers and contract for the villa is Gretchen’s wife, following his passing.
She could kick the Sussexes out of the door at any time, or at least as soon as someone has the money to buy and maintain it.
The mansion boasts nine bedrooms, 14 bathrooms (not 16 as often reported), six fireplaces, a pool house, a garage, and a pool and spa.
It was built in 2003 and sits on 5.38 acres of land.
The financial burden of owning such a property is not to be underestimated.
In 2019, annual property tax amounted to $282,000 on an assessed total value of $26 million.
However, the annual real estate taxes have since been reduced to $144,000 following the sale.
Losing the Spotify deal may yet turn out to be a hefty blow for the couple’s finances.
Their post-royal life model, in which they are not propped up by money from King Charles, may be undermined by the multi-million pound shaped hole in their finances.
It remains to be seen how the couple will navigate this financial challenge, but one thing is certain – the true ownership of their California mansion is shrouded in mystery.
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