Harry and Meghan have ‘a lot of money at stake’, says TV host
Since stepping down as a full-time member of the Royal Family, Meghan and Prince Harry have faced a tempting spate of expenses, said royal commentator Daniela Elser. And they have also lost the financial support offered by being key members of the Royal Family and heirs to the Prince of Wales.
The royal expert wrote in a commentary for news.com.au: “Harry and Meghan finally have the lives they wanted, but their emancipation from the royal family has come at a price, both in a personal sense ( Harry’s relationship with his family seems to have fractured further) and in a much more literal sense.
“Flying the chicken coop seems to have hit Harry and Meghan in the hip pocket – and hard.”
Ms Elser described the financial changes Meghan and Harry have gone through in recent months.
In August last year it was revealed that the Duke and Duchess of Sussex had moved into an £ 11million mansion in Montecito, Santa Barbara.
The couple are believed to be paying for the nine-bedroom property with a mortgage after they’ve already put down a big down payment.
Meghan Markle and Prince Harry stepped down as royals at the end of March 2020 (Image: GETTY)
Meghan Markle and Prince Harry moved to California at the end of March 2020 (Image: GETTY)
Noting how important the purchase of this house was to Meghan and Harry, Ms Elser said: “The purchase of the property by the Sussexes was a milestone for Harry and Meghan, the first house that one of the ‘them ever possessed.
“For the Duke, it was also the first time he had to personally foot the bill to put a permanent roof over his own head.
“In Harry’s first 35 years, up to Megxit, his living expenses were pretty much covered by the Royal Family, followed by the Army, and then again by the Royal Family.
“Moving to the United States was a crashing and painful lesson for the prince in having to worry about money, a lesson most people learn before they hit the downhill slope. 40 and squeaky knees.
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Meghan Markle and Prince Harry launched their Archewell organization in late 2020 (Image: GETTY)
“Saunas (multiple), a Japanese tea house, not to mention house staff, helpers, cars, mortgage payments and security cost a fortune.”
Quoting the Daily Mail, Ms Elser said the couple may have paid around £ 5million for the deposit.
They can also pay around £ 4.29million each year in household expenses, including a mortgage of £ 466,170, some £ 290,900 for maintenance staff and £ 3.2million for security.
After Meghan and Harry officially stepped down from the royal family at the end of March 2020, they were no longer entitled to receive a guarantee paid by taxpayers.
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Meghan Markle and Prince Harry bought a house in Montecito last year (Image: GETTY)
Prince Charles was funding both William and Harry through the Duchy of Cornwall (Image: GETTY)
Harry confessed during his interview with Oprah Winfrey and Meghan’s that he was surprised he was no longer protected by Royal Protection Officers after Megxit.
He said: “I never thought that my security would be taken away because I was born in this position.
“I inherited the risk. So it was a shock to me. That’s what completely changed the whole plan. ”
Following their royal outing – dubbed Megxit in early 2020 – Harry has also fully reimbursed the cost of the renovations done at Frogmore Cottage in Windsor to make it their home in early 2019.
Meghan Markle and Prince Harry tied the knot in 2018 (Image: EXPRESS)
This added to Meghan and Harry’s post-Megxit spending an additional bill of £ 2.4million – an amount which, it was revealed last month when the Royal Household’s financial report was released, helped the Queen cover the losses created by the coronavirus pandemic.
After becoming financially independent, Harry stopped receiving monetary support from his father, Prince Charles, via the Duchy of Cornwall, a financial loss which Ms Elser says amounts to around £ 3.64million each. year. Harry told Ms Winfrey that his family “literally cut me off financially” in the first quarter of 2020.
The Prince of Wales’ annual review for the past financial year shows that he has granted the Duke and Duchess of Sussex and the Duke and Duchess of Cambridge total funding of £ 4.4million.
Following accusations Harry had exaggerated the claim of being “cut off”, his representatives said “that it is incorrect to suggest that there is a contradiction” in the Duke’s statement and the financial report of Clarence House, as Harry was referring to the start of the exercise in the interview.
Meghan Markle and Prince Harry with their son Archie in September 2019 (Image: GETTY)
They added: “The Duke’s comments during Oprah’s interview referred to the first quarter of the UK tax benchmark period, which begins in April each year.
“This is the same date that the Sandringham Accord transition year began and is aligned with the timeline mentioned by Clarence House.”
After breaking down all the expenses Meghan and Harry would have had over the past few months, Ms Elser said: ‘Take it all together – their new property deposit, running costs of the household, how much money from the Duchy of Cornwall they gave up, and have to reimburse Frogmore’s fees – and the sum comes to $ 22.45 million [£16.33m].
“That’s a whole lot of money to be found each year to keep the lights on and the family in bodyguards that run hot and cold.”