Prince Harry, Meghan Markle Hit With £100K Property Tax For Their US Mansion Days Before Duke Inherits Millions
Date
9/13/2024 3:37:46 PM
(MENAFN- Live Mint) The Duke of Sussex, Prince Harry, and his wife, Meghan Markle , have reportedly been hit with a hefty property tax bill of more than $14.5 million (approximately £100,000) for their seven-bedroom and 15-bathroom sprawling Montecito mansion in California suburb just days before he is set to inherit a substantial royal fortune, media reports claimed.
The reports said the British Royals purchased the lavish California mansion for an estimated £11 million in 2020 to live in with their two young children, Prince Archie (five) and Princess Lilibet (three) . The luxury Montecito mansion, which comes with a swimming pool and impressive views of the surrounding Santa Ynez Mountains, is located in Santa Barbara County.
The local government is now said to be charging the property a hefty new property tax bill.
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The British royal couple reportedly paid a property tax of $146,600 (£112,000) last year, which was in two instalments. The Sun reported that the royal couple paid $144,000 (£110,000) in property tax in 2022 and $141,000 (£108,000) in 2021 for their Montecito mansion.
The new of property tax bill comes just before Prince Harry's 40th birthday, where he is expected to inherit a significant sum of money from the late Queen Mother. The Times reports that Prince Harry's late great-grandmother established a trust estimated at £19 million in 1994, intended to provide a tax-free lump sum to her great-grandchildren.
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The money was to be divided among her younger relatives, with an initial payment on their 21st birthdays and a second payment when they turned 40, reports the Express.
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