Revealing the huge fortune the Duke will inherit if Prince Harry and Meghan Markle pay their £100k tax bill
Prince Harry and Meghan Markle have reportedly been hit with a new property tax bill of more than £100,000 for their Montecito mansion – while the Duke is just days away from inheriting a royal fortune
Prince Harry and wife Meghan Markle are reportedly facing a hefty property tax bill of more than £100k – just days before the Duke is set to inherit a substantial royal fortune.
Since quitting their jobs as working royals over four years ago, the Duke and Duchess have been living in the celebrity enclave of Montecito, California in a huge nine-bedroom mansion, along with their two young children Prince Archie, five, and Princess Lilibet, three. The £11 million property, which comes complete with a swimming pool and impressive views of the surrounding Santa Ynez Mountains, is now said to the subject of a big new tax bill charged by the local government.
The Sussexes’ £11 million property in Montecito is reportedly in line for a tax bill of over £100,000
The couple will be coughing up more than £100,000 this year under calculations based on the value of the property and other factors, according to GB News. It follows a previous payment of £112,000 in tax on the home in 2023, according to figures from Santa Barbara. The Duke and Duchess made this payment in two instalments last year, while in the previous year, the Royal couple were reportedly hit with a £110,000 property tax bill for the mansion.
The news of the escalating tax bill comes just ahead of Prince Harry’s 40th birthday, when he is expected to inherit a significant sum from the late Queen Mother. The Times reports that Prince Harry’s late great-grandmother established a trust estimated at £19 million in 1994, intended to provide a tax-free lump sum to her great-grandchildren.
Prince Harry is expected to inherit around £7 million from the Queen Mother once he turns 40 this weekend
The Queen Mother, who died in March 2002 at the age of 101, was 94 when she set up the fund. The money was to be divided among her younger relatives, with an initial payment on their 21st birthdays and a second payment when they turned 40, reports the Express.
A former Palace aide disclosed to The Times: “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 precise amount Prince Harry will get remains under wraps, it’s thought that he’ll pocket a cool £7 million once he turns 40 this Sunday. The Duke expected to stay in California for the celebrations, and no members of the Royal Family will be flying over to celebrate with him. A spokesperson for the the Sussexes have been approached for comment.
