Prince Harry reportedly received a hefty sum of £8 million or $10.5 million as an inheritance from his late great-grandmother on his 40th birthday on September 15. The embattled Duke of Sussex, who “stepped back” from his royal duties in 2020, got the money from a set up by his great-grandgrandmother, The Telegraph reported. The fund was earmarked for the two siblings Prince Harry and Prince Charles and was supposed to be disbursed in two installments. The recent windfall is expected to help Prince Harry and his wife Meghan Markle with their expensive lifestyle in Montecito, one of America's most lavish neighborhoods.
The Queen Mother's gift
The Queen Mother, Queen Elizabeth II’s mother, died in 2002 and deposited the money in a trust fund for her great-grandchildren in 1994. About $25 million was put into the fund which was supposed to be distributed to Prince Harry and his older brother, Prince William, in two installments, first on their 21st and the second on their 40th birthdays.
According to the London Times, Prince Harry received a larger portion than Prince William as it was presumed that his older brother would one day become heir apparent to the British throne, after King Charles III.
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"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,” a former aide to the Palace told The Times. So Prince Harry got the generous gift on the day his wife organized a big party in Montecito, California, Page Six reported.
Leading an expensive lifestyle in Montecito
In 2020, Prince Harry and Meghan Markle stepped down from their roles as senior royals and moved to the U.S. to start a new life. The same year, they bought a palatial home in Montecito, California, which cost them $14 million. Over the years, the duo has reportedly struggled to keep up with the cost of running and maintaining the luxurious spread, nine-bedroom, 16-bathroom mansion.
After Prince Harry stepped back from royal duties, in his interview with Oprah Winfrey in 2021 he revealed that all he had was what his mother (Princess Diana) left him and he had stopped receiving any financial aid from the Royal Family, People reported.
The Mirror reported that according to royal editor of Vanity Fair Katie Nicholl's sources, the lavish lifestyle seemingly costs millions of dollars every year. At a point, they even looked to sell the plush property and move to Los Angeles, according to the New York Post.
While it seems like the $10.5 million inheritance will help the couple cover the costs, it is also true that they have struck several multimillion-dollar deals since they made the move. The couple scored a $100 million Netflix deal in 2020 and a deal with Spotify for $20 million the same year, as per Business Insider. The “Spare” author, also bagged a four-book deal, that could be worth $35 to $40 million.
However, in 2023 Spotify announced that their deal would not be renewed, and there have been rumours that their Netflix agreement could meet the same fate, as per Tatler.
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