New Delhi, Aug. 20 -- Prince Harry and Meghan Markle have said they plan to keep their sprawling Montecito mansion as they prepare to relocate their family to Britain. However, the property's hefty annual carrying costs and strong demand for luxury homes in the California enclave have fueled speculation that the Sussexes could eventually sell it.

The couple reportedly purchased the estate for $14.65 million in 2020, shortly after stepping back from royal duties and moving to the United States.

The 7.38-acre property carries significant mortgage and tax expenses. According to Santa Barbara County records cited by The New York Post, the Sussexes' company, Rockbridge LLC, took out a $9.52 million adjustable-rate mortgage from City National...