Prince Harry and Meghan Markle are reportedly facing a significant property tax bill of over £100,000 on their sprawling Montecito mansion, just days before the Duke of Sussex is set to inherit a substantial fortune from his late great-grandmother, the Queen Mother. The timing of this financial obligation has garnered considerable attention, particularly as it comes ahead of Harry's milestone 40th birthday.
The Duke and Duchess of Sussex, who have been residing in their nine-bedroom, £11 million California estate since stepping back from royal duties in 2020, have seen their property taxes escalate over the years. According to figures obtained by GB News, the couple paid £112,000 in taxes on their luxurious home last year, with this year's bill expected to exceed £100,000. The Santa Barbara local government determines the tax based on various factors, including the property's value.
This financial burden coincides with the anticipation of a significant inheritance for Prince Harry. The Times reports that the Duke is expected to receive around £7 million from a trust fund established by the Queen Mother in 1994. The fund, which was set up as a tax-efficient way to pass on a portion of her estate to her great-grandchildren, is set to disburse payments when the beneficiaries turn 21 and again at 40. Prince Harry, who celebrates his 40th birthday this Sunday, is poised to receive this lump sum shortly after the milestone.
A former Palace aide shed light on the purpose of the trust, explaining, "There was a trust fund set up at the time. It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way. It was a way in which some of her estate could be ring-fenced for them."
While the exact amount Prince Harry will inherit remains unconfirmed, it is widely believed that his share will be in the region of £7 million. This financial windfall is expected to provide some relief amid the couple's ongoing financial responsibilities in the United States.
Despite the looming tax bill and the anticipation of a significant inheritance, Prince Harry and Meghan are expected to remain in California for his birthday celebrations. Reports suggest that the Duke will mark the occasion with a low-key celebration at their Montecito home, surrounded by close friends and their two children, Prince Archie, five, and Princess Lilibet, three. Meghan is reportedly planning a special gathering for Harry, who will later join close friends for a holiday trip.
There has been no official comment from the Sussexes on the tax bill or the inheritance, and no members of the Royal Family are expected to travel to California to celebrate with Prince Harry. This marks another chapter in the ongoing distance between the Duke and the British monarchy.
In addition to his personal milestones, Prince Harry remains focused on his various projects in the United States. He is set to visit New York City later this month to promote initiatives close to his heart, including a series of charitable and entertainment projects through his and Meghan's Archewell Foundation. Among these is an upcoming Netflix documentary centered on his passion for polo, set to air in December.
