MIND-BOGGLING COST OF THEIR NEW LIFE
HARRY and Meghan can expect to spend almost £5 million a year just to cover their living expenses in California. The total is twice as much as the £2.4 million of taxpayers’ money spent on the renovations of Frogmore Cottage. Yet the couple’s joint fortune is estimated at £16 million, meaning they will need to earn some serious money – and fast – to pay for it all.
Once Harry spends more than 183 days in the USA, he has to pay tax on all income worldwide, meaning he would have to disclose private details of closely guarded Royal finances.
David McClure, author of forthcoming book The Queen’s True Worth, says: ‘They seem to have bought a property well above their means.
‘The two of them together are worth around £16 million, which is not enough to run such a grand property.
‘This puts a lot of pressure on the couple to generate a huge income and large commercial deals, so there is a danger of accepting more controversial ventures.’
Here, The Mail on Sunday crunches the numbers…
YEARLY OUTGOINGS HOUSING
Mortgage on reported £7.25 million loan on their Montecito mansion, repayable over 30 years: £314,400 Repayment on Frogmore Cottage refurbishment costs: £216,000 Property tax: £112,300 (1 per cent of the home’s sale price of £11.23 million)
SECURITY
Six security guards – ex-military or former police officers – licensed to carry firearms (including accommodation, flights and expenses): £775,040 Security chief: £144,000 Monitoring and patrols: £24,000
STAFF
Butler (if they employ a high-end full-time steward): £156,000 Four housekeepers: £272,160 Chef (if they choose one): £91,728 Nanny: £78,000 Chauffeur (if they have one): £73,368 Chief of staff Catherine St-Laurent: £156,000 Personal assistants: £220,080 Ladies’ maid (If hired - salary based on advice Stephen Candland, CEO of Private Staff Group, which supplies LA’s rich set): £82,536 Two full-time gardeners and groundskeepers: £156,000 Garden/pool upkeep: £45,852 Pest control: £4,200
UTILITIES
Electricity: £23,400 Water rates: £12,600 Gas: £21,600
PROFESSIONAL SERVICES
Meghan’s business manager Andrew Meyer: £108,000 Meghan’s PR team at Sunshine Sachs: £138,000 Lawyers (ongoing costs of litigation): £156,000
PERSONAL
Private health schemes: £54,000 Personal trainers: £21,600 Vehicle lease (three): £25,200 Clothing: £382,000 (Based on Meghan having spent an estimated £382,000 in the year before Archie’s birth. Also, of course, dependent on how many freebies she accepts). Grooming, hair and beauty: £38,400 Facialist (Kate Somerville): £15,600 Food and dining: £48,000 Holidays: (Estimated average holiday expenditure. Dependent on pandemic allowing travel, friends loaning the use of private jets and holiday isles and villas etc. Travel costs will now include paying for air fares and accommodation for their private security team. Based on a private jet flight from LA to London costing around £85,000): £519,600 Cost of filling the wine cellar (with Meghan’s favourite £125-per-bottle Tignanello): £150,000 Redecoration and furniture costs: £300,000
● Figures are expert estimates. All salary costs quoted above include mandatory social security (pension) TOTAL ANNUAL EXPENDITURE:
£4,935,664
TOTAL WEALTH:
£16 MILLION