The Duke and Duchess of Sussex now face paying back £417,000 a year for the next 30 years. The royal couple paid an eye watering £3.8million deposit on the property.
That still leaves more than £7million to be paid back over 30 years at £34,750 a month, amounting to £417,000 a year.
On top of that hefty regular outgoing Harry and Meghan will have to pay a £52,000-a-year property tax, reported.
Further expenses include the hefty bill for their £5million per year private security.
They also face the expense of repaying the £18,000 for renovations the taxpayer forked out for on Frogmore Cottage near Windsor.
The massive outgoings mean that the Duke and Duchess will have to start making money, or eat into their estimated £23million personal fortune.
Royal finance expert David McClure seemed sceptical of their purchase of such an expensive property in an interview with .
He said: “I am surprised they can afford it all.
“They must start making money quickly.”
Meghan is said to have amassed £3.8m in her acting career while Harry’s £19.2 million comprises of an inheritance from Princess Diana and an annual allowance from Prince Charles.
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Papers from their now in liquidation Sussex Royal Foundation showed it was owed £200,000 from an unknown source.
Harry and Meghan’s new home is located on a private road in a luxury and secluded estate in Montecito.
The property is around a two-hour drive from downtown Los Angeles, and almost every house in the multi-million-pound neighbourhood is designed for privacy, with long driveways and large gates.
Neighbours include Orpah, Ellen DeGeneres, Tom Cruise, Jennifer Lopez, Steven Spielberg, Whoopi Goldberg and Kevin Costner who all live close by.
According to reports, the house was initially listed for £12.9million ($16.9million), so the couple were able to secure a nearly £1.5million ($2million) discount on the asking price.
Page Six has described the property as a 9-bedroom, 16-bathroom mansion that sits on a large lot with a rose garden and century-old olive trees included.
Other key features of the home include a library, spa, wet and dry saunas, a gym, game room, arcade, theatre, wine cellar, and a five-car garage.
The luxurious property also features a swimming pool, tennis courts, and a two-bedroom guest house.
The property was also said to include a tea house and a children’s cottage.
Speaking to Page Six about the couple’s decision to buy a home, a source said they moved in last month.
They said: “Harry and Meghan have been quietly living in their own home in Santa Barbara since early July.
“They are not houseguests of Oprah or anyone else, they bought this home themselves. This is where they want to continue their lives after leaving the UK.”
