Estate agents say the home has soared in value, with one predicting the property might now be worth almost three times what they paid, The Times reports.
The property boasts hiking trails into the Santa Ynez mountains, views over the Pacific and includes a gym, spa, cinema, separate guesthouse, tennis court, pool, a children’s play area and a shed for rescued battery hens.
Randy Solakian, an estate agent with Coldwell Banker Global Luxury, told the newspaper that the couple purchased the property at right time and got “a bargain.”
“It would have been really ugly if they’d paid $40 million [£30 million] for it, which is what it’s probably worth, but I would say they got a bargain,” he said.
Sandy Stahl, an agent with Sotheby’s International Realty, said the property market in Montecito has gone “crazy” since the summer.
Stahl added that the Sussexes’ estate would probably sell for “at least double” what they paid, adding that a mansion nearby was on the market for $21 million and wasn’t “nearly as nice”.
While he did not go into detail, it’s likely he was referring to the allowance he received from Prince Charles, which adds up to around £2.5 million a year through the Duchy of Cornwall.
Since moving to California and stepping down as working royals, the couple have secured a number of lucrative business deals thought to be worth millions.
In December, Meghan invested in a company called Clevr Blends which makes instant oat-milk lattes.
Prince Harry is thought to have inherited around £23 million from Princess Diana and the Queen mother while Meghan brought around £3 million to the marriage.
Together they are thought to be worth £96 million.