When Prince Harry and Meghan, Duchess of Sussex announced they would be leaving the British royal family their financial situation became a huge topic of discussion. Since a good portion of the royal family’s living and travel expenses are funded by taxpayer dollars, royal fans and experts were concerned that the Sussexes’ lavish lifestyle would be funded as they went off to live their lives.
This is not the case. During their announcement, the pair stated that not only would the be returning the $3 million in taxpayer funding they used to renovate their Windsor estate, Frogmore Cottage, they would also be working to be financially independent.
Now, the pair have purchased a home in Santa Barbara, California, but due, to the coronavirus (COVID-19) pandemic, they’ve not been able to earn any money just yet. Now an expert is concerned all of this is going to put the royal brand in turmoil.
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Prince Harry and Meghan Markle’s finances have been a huge topic of debate
From the moment they tied the knot, the Sussexes’ marriage has been somewhat of a financial headache. Though they combined their money for a total net worth of $30 million, Meghan is an American citizen while the prince is a U.K. citizen. Since the duchess pays U.S. taxes and will continue to do so now that she is living back in the States, the private royal fiances could now be subject to scrutiny.
It has been said that one major point of contention Queen Elizabeth II had with the couple was their lavish spending. “Harry’s [spending] transformation is revealed as one of the fundamental factors behind the deep fissure that opened between him and his brother, Prince William,” Dylan Howard and Andy Tillett write in their book, Royals at War. “The fact that Meghan splashed so much cash rang alarm bells with the traditionally conservative Queen Elizabeth.”
There has even been some question about whether the pair can afford their new $14.7 million home which will reportedly cost them over $4.4 million to run annually. The pair allegedly has a $9.5 million mortgage.
Meghan Markle and Prince Harry are proving there is a new way to be royal
Though they are no longer senior working royals, the pair have still been subject to scrutiny for speaking up against colonization and with Meghan urging women to vote. However, a lot of this seems to stem from the fear that it’s putting cracks in the monarchy’s archaic ideals. The Kim Kardashian Principe author Jeetendra Sehdev told The Guardian,
The Meghan and Harry brand has always been very disruptive. They’re going to show us all a different way in which royal family members can live. Letting people into who they are – because at the moment we don’t really know who Meghan and Harry are. We just know that they’re part of the royal family.
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Prince Harry and Meghan Markle’s Santa Barbara home is putting the royal brand at risk
With such a massive house, no current cash flow, and their determination to be independent of the royals, one royal expert feels like Meghan and Harry are putting the royal family at risk. Daily Mirror royal editor Russell Myers explained on Pod Save the Queen,
You can bet your bottom dollar that people in the Palace are getting a bit nervous about this. Now, the fact is the coronavirus crisis has put a pin in their balloon of dreams at the moment and they can’t move forward with anything. Prince Charles stops funding them in about six months time, and they have to keep signing endorsement deals and sponsorship deals to stay afloat ‒ and what does that mean for the actual royal brand?
It doesn’t look like the Sussexes are too worried about this, they are currently shopping a secret project in Hollywood and paying back their Frogmore Cottage money. “Both of them are extremely liquid when it comes to their assets,” Finding Freedom co-author Omid Scobie explained to Entertainment Tonight. “Harry brings a lot to the table himself and Meghan lives off residuals from Suits and the many appearances that she’s done in other projects too.”
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August 31, 2020 at 10:16AM
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Meghan Markle and Prince Harry's New Home Is Putting the Royal Brand at Risk, Expert Claims - Showbiz Cheat Sheet
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