Recent reports suggest that the Sussex family is feeling the heat from the soaring costs tied to their extravagant Montecito estate.
The couple, who famously signed a lucrative $100 million deal with Netflix back in June 2020, invested approximately $21 million in their sprawling 16-bedroom mansion nestled in the scenic California enclave.
However, as time has passed, it appears that the financial burden of maintaining such a lavish property is beginning to weigh heavily on them.
Prince Harry, known for his ongoing legal battles, has reportedly spent a small fortune on legal fees, further complicating the couple’s financial situation.
Now, four years later, whispers are circulating that the Sussexes are bracing themselves for Netflix to pull the plug on their partnership, which could have significant implications for their income.
According to Eric Bramlett, a luxury real estate expert, the Duke and Duchess of Sussex are grappling with the staggering upkeep costs associated with their home.
These expenses can reportedly soar into the seven-figure range annually.
In a conversation with the Express newspaper, Bramlett likened managing a multi-million dollar estate to running a boutique hotel, complete with room service.
The reality is that living in luxury doesn’t come cheap, and those costs can accumulate rapidly.
To maintain their lavish lifestyle, it’s likely that the Sussexes employ a full-time staff, including house managers, chefs, housekeepers, and security personnel.
Living in Montecito, one of America’s wealthiest neighborhoods, means they also face hefty property taxes, reportedly exceeding $200,000 each year to Santa Barbara County.
The couple’s financial woes have been exacerbated by a recent incident involving Spotify, where an executive referred to them as “effing grifters” after abruptly terminating their podcasting contract.
This unexpected turn of events could significantly impact their financial stability, raising questions about their future income streams.
While the Sussexes have a reputation for extravagant spending, Prince Harry did experience a financial boost from the success of his autobiography, “Spare.”
However, royal biographer Tom Quinn suggests that Harry may be running out of ideas when it comes to generating income to sustain their upscale lifestyle, aside from a potential second book that is rumored to be in the works.
Quinn goes on to remark that Harry’s demeanor during interviews suggests a lack of motivation or ability to navigate the world of entrepreneurship.
He attributes this to a privileged upbringing, where many tasks were managed by others, leaving Harry ill-prepared for the realities of financial independence.
On the other hand, Meghan Markle appears determined to carve out a successful niche for herself through her new lifestyle brand, despite their financial challenges.
Launched in March on her newly created Instagram account, American Riviera Orchard has yet to see any products hit the market, but Meghan is reportedly committed to making it a success.
Public relations expert Lynne Carrott spoke highly of Meghan’s entrepreneurial spirit, stating that her new venture holds significant potential.