Prince Harry and Meghan Markle’s have reportedly purchased a new nine-bedroom and 16-bathroom mansion in California.
The pair are thought to have purchased the sprawling property, which sits on 5.4 acres of land, from a Russian businessman with a $9.5million mortgage after the price was knocked down by more than $10million.
The ‘palatial’ 14,563-square-foot home, located in upscale Montecito, was bought for $14.65million on June 18. The seller is believed to be Russian tycoon Sergey Grishin who bought it for more than $25million in 2009 and had tried to sell the home for up to $34million.
The Daily Mail reports the house took almost five years to build and features a library, office, spa with a separate dry and wet sauna, a gym with a stripper pole, game room, arcade, theater, wine cellar and five-car garage.
Harry and Meghan bought the luxury property after securing a $9.5million mortgage, it is believed, implying that they made a down-payment of more than $5.2million. At typical interest rates provided by Bank of America, the couple would have to pay $40,000 US a month or $480,000 a year in order to repay the mortgage over 30 years.
Annual property tax is estimated at $68,000 and the costs of security and utilities for the huge mansion will also come with hefty bills.