Meghan and Harry purchased a new mansion in Santa Barbara, California, last month. It was reportedly on the market for $34million (£26million) but the couple bought it for $14.7million (£11million), with the help of a $9.5million (£7.3million) mortgage. Assuming they will be using the typical interest rates of Bank of America, they will have to pay approximately $480,000 (£367,500) per year to repay the mortgage across 30 years.
The couple’s finances have been a major source of speculation since they left the Royal Family’s frontline earlier this year in a quest to go “financially independent”.
It is understood that Prince Charles promised to support the Sussexes for their first year of “independence” as they will no longer receive public funds for royal duties.
Many royal fans are therefore surprised at the couples’ decision to purchase such a luxurious mansion.
After the taxpayer forked out £2.4million for the couple to renovate their home in Windsor, Frogmore Cottage, shortly after their marriage, royal fans were also furious at the thought they might have to cover the Sussexes’ large security bill — especially since they were now living abroad.
However, according to reports from earlier this year, the Duke and Duchess of Sussex only agreed to start paying off their £2.4million bill after Charles’ agreed to cover their security costs.
A source explained: “They had fully expected that British taxpayers would continue to foot the bill for their protection.
“But then the rug was pulled from under their feet, and they had to ask Prince Charles to step in.”
They were unexpectedly left without the support of the Metropolitan Police security team when they decided to move to the US.
Harry reportedly thought “up until the very last minute” that he could keep the security team because of his place in the line of succession and as a former frontline Army officer.
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He is sixth-in-line to the throne while his one-year-old son Archie is seventh, and this has not changed despite the Sussexes’ decision to leave the royal fold.
Harry also spent a decade serving the Army before stepping down in 2015 to focus on his royal duties.
The couple have struggled to find a suitable financial arrangement in recent months which could support them now they are no longer under the Royal Family’s wing.
While they have recently signed with the same high-profile public speaking agency as Barack and Michelle Obama, their future sources of income are yet to be revealed.
Canada — where the couple initially settled after their decision to leave the Royal Family — refused to cover the cost of their security now they were no longer working royals.
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It is estimated that it would cost £4million for the Sussexes to hire private security guards for round-the-clock protection.
They were only able to pay back the renovation costs of Frogmore Cottage if Charles intervened with the security costs.
A source told the Daily Mail: “That’s the reason why they are now able to start paying back the Queen and the Crown Estate who met the cost of the building work out of public funds.”
A friend also told the newspaper: “They felt that Frogmore and the money spent on it was no different from many other arrangements involving the main home of a member of the Royal Family.
“But because it was Harry and Meghan, it was always being used as a stick to beat them with.
“Paying back the money was one of the first decisions they took.
“They knew that if they didn’t, no one would have the right to do that anymore.”
The Mail then claimed the couple are paying £18,000 a month in rent and renovation costs for Frogmore Cottage.
