Prince Harry, Meghan Markle receive bad news about Montecito home

Prince Harry and Meghan Markle are in deep water as they have received a bad news about their beloved Montecito home.

The Duke and Duchess of Sussex, who live in California with their two children Prince Archie and Princess Lilibet, did everything they could to secure their dream home in Montecito, but the future of their beloved residence could cause the couple heartache.

A real estate company has revealed that "Montecito home prices were down 14.1 per cent compared to last year,"  according to a report.

The median price a Montecito home sold for this year was $5.5 million, but the Sussexes abode is said to have set them back a staggering $14 million.

The report says that on average, homes in the area "sell after 43 days on the market compared to 55 days last year".

So, if the Sussexes were to part ways with their property now, they could be set for a significant shortfall.

However, it seems the family are settled there with no plans to relocate just yet, so there's every chance that house prices could improve by the time a house sale is on the cards.

Their house is officially named the Chateau of Riven Rock and both Harry and Meghan have spoken out about how much they love it. "We did everything we could to get this house," Meghan told The Cut. "Because you walk in and go… Joy. And exhale. And calm. It's healing. You feel free."

Earlier this year, rumours swirled about the Sussexes potentially purchasing a Portuguese property, with several royal experts claim that they were considering one that would act as a European base for holidaying.