As Prince Harry inherits $10m of Royal money, this is how Meghan Markle’s spending it

It appears that Prince Harry’s birthday gift from his late great-grandmother has come in handy

prince harry and meghan

by Closer staff |
Published on

When he turned 40 earlier this month, Prince Harry is believed to have received a whopping $10 million birthday gift from his late great-grandmother, the Queen Mother, after she set up a trust fund back in 1994.

And it seems that he and wife Meghan Markle have already decided how they’re going to spend the hefty sum, with sources telling Closer that they’re thinking about packing their bags and relocating.

Last year, it was reported that the couple were considering ditching their $14.5 million sprawling mansion in Montecito for a move down the road to Malibu, but it didn’t transpire. However, thanks to Harry’s bank balance boost, an insider has revealed that it could be back on the cards.

A young Harry with the Queen Mother
Harry inherited money from the late Queen Mother when he recently turned 40. © Anwar Hussein/Getty Images

The source says, ‘Meghan was really pushing for a move to Malibu a year ago but then they had to put the brakes on that for cash flow issues. But now Harry’s inherited $10 million, so it’s back on the table. They don’t want to be in a position where they need to rush to sell their home in Montecito, but the idea of moving away, or even keeping it more as a holiday home, the way a lot of big Hollywood players do, is very appealing. Meghan has always felt like a big fish in a small pond in Montecito, so it’s only a matter of time before she and Harry make good on her wish to up sticks to leave.’

While Harry and Meghan, 43, have A-list pals including Oprah Winfrey and Gwyneth Paltrow living nearby, it appears that some of their neighbours aren’t completely thrilled by their presence. According to recent reports, some are ‘fed up’ with the couple and wish they would move on.

Because of this, our insider says that Meghan would feel more suited to Malibu. ‘It would make it a lot easier to schmooze with the sort of people they need to cosy up to for the sake of Meghan’s brand. Being so far away from the action means they miss out on a lot of connections. And it’s not as though they’re feeling welcomed by their neighbours in Montecito,’ they explain. ‘Sure, they have a select group of people they are friendly with there, but mostly they’re pretty reclusive because they just don’t get invites. They’re now back to looking at properties in Malibu and seriously feeling like it could be the change they need.’

Montecito Village sign
The couple bought their mansion in Montecito for $14.5m ©VALERIE MACON/AFP via Getty Images

After stepping down as working royals in 2020, the couple moved to California to start a new life with their children, son Archie, five, and daughter Lilibet, three. They briefly lived in a Beverly Hills mansion owned by their pal and filmmaker Tyler Perry – who helped them ‘escape’ Canada, where they were living at the time – before settling in Montecito.

Meghan previously spoke out about the challenges she and Harry faced when house hunting, admitting they weren’t sure whether they could afford it. ‘We were looking in this area [Montecito, California] and this house kept popping up online in searches,’ she said. ‘We didn’t have jobs, so we were just not going to come and see this house. It wasn’t possible. It’s like when I was younger and you’re window shopping – it’s like “I don’t want to go and look at all the things that I can’t afford, that doesn’t feel good.”’ The Duchess – who later landed lucrative Spotify and Netflix deals worth millions with Harry – added that they did ‘everything they could’ to get the home, saying, ‘Because you walk in and go … Joy. And exhale. And calm. It’s healing. You feel free.’

Meghan Markle smiling
Meghan is keen to be closer to the big Hollywood stars ©Patrick van Katwijk/Getty Images

And while Meghan has loved her time in Montecito, our source says that she’s ready for a new chapter. They say, ‘Back when Harry and Meghan were staying at Tyler Perry’s place and house hunting, it was a coin toss between Malibu, Bel-Air or the Santa Barbara region, but they settled on the more rural option because it offered that extra serenity and enabled them to bed themselves into California slowly. That’s well and truly accomplished now, and for Meghan especially, there’s a lot more of a sense of belonging in LA for them as a power couple and she’s itching to take their social life to the next level.

‘Montecito is gorgeous and they’ll cherish their time there, but at this point she’s finding the commute into town tiring and, truth be told, there’s not a whole lot for her to do in the village besides hop between various friends’ houses, go out to lunch or take healthy hikes. All these options are on the table if they find the right place in Malibu, plus they’ll be so much closer to the movers and shakers for LA power meetings, whether they drive themselves in or take a limo.’

Harry and Meghan smiling
Meghan loves the laid-back life in California ©Eric Charbonneau/Archewell Foundation via Getty Images

Plus, she’s also hoping she’ll be able to rub shoulders with more stars in a bid to boost her career, with our source explaining, ‘Meghan believes this will push them much more to the forefront as far as being taken seriously alongside their A-list peers. They’ll be a stone’s throw from the likes of Cher, Barbra Streisand, Pierce Brosnan, Miley Cyrus, Lady Gaga to name just a few, the list is endless. And so many stars have places in both Santa Barbara and Malibu – their good friend Ellen [DeGeneres] being a prime example.’

They add, ‘She’s not totally ruling out keeping their place in Montecito, perhaps renting it out for decent cash, then plunking down on a new primary base. Several options are on the table and right now she’s sitting with their finance team, crunching numbers and figuring out what they can afford. Harry’s inheritance could well come in handy though they’re insisting this isn’t something they’re counting on, and that cash flow is just fine for them without it. Still, a pricey house move does seem to be an enormous outlay to be taking on right now, especially given the current economic climate and the massive bills they already have.’

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