Life after the royal exit: Prince Harry and Meghan Markle just scored an eye-watering £11.7m boost! Since trading palaces for Montecito in 2020, their journey from royal tradition to modern independence has been nothing short of extraordinary. Read more below 👇👇👇

Prince Harry and Meghan Markle have lived in America together for almost five years now, with the couple moving overseas in 2020 after quitting life as senior royals.

While originally not having their own home in the US, the couple quickly brought an impressive nine-bed mansion in Montecito, California, which at the time was valued at £11.1 million ($14.1 million).

The Duke and Duchess of Sussex purchased the home in June 2020 for £11.6 million, and have lived at the property ever since with their children Prince Archie, five, and Princess Lilibet, three.

Although the couple has shown no signs of moving anytime soon, Harry, is “grateful” to be raising his children in the area they are in, and it is believed they could benefit greatly when they one day decide to sell up.

This is because, according to current Zillow estimates, the property’s worth is now estimated to be £23.3 million ($29.6 million) – a 110 percent value increase.

Compared to other properties in the popular celebrity neighbourhood, the 18,671-square-foot estate has grown in value substantially, with median home prices in Montecito having increased by just 47 percent in the same period.

It is believed the value of Prince Harry and Meghan’s home could rise again as a result of the duchess’ upcoming Netflix series “With Love, Meghan”, which is filmed at a rented home just a few miles away.

Charlie Lankston, executive editor at Realtor.com, also believes the amount of celebrities living in Montecito, including Oprah Winfrey and Katy Perry, would have made the area more desirable, which would have further heightened house prices.

He told Newsweek: “The release of Meghan’s new Netflix series will undoubtedly only increase interest in the couple’s home life despite the fact that it wasn’t actually filmed inside the couple’s marital mansion. Montecito itself has cemented its place on the map as one of California’s most sought-after celebrity enclaves.”