In the News: DailyMail

In the News: DailyMail  Prince Harry and Megan Markle are now residents of the ultra-upscale Montecito neighborhood in Santa Barbara County, California. The price tag for their palatial estate (Oprah Winfrey and Ariana Grande live nearby) was $14.65 million and they secured a $9 million mortgage which equates to a monthly mortgage payment of approximately $45,000. The Santa Barbara tax collector is not worried at all about collecting the annual property taxes from the Royals (well over $150,000) . Many other municipalities are suffering from delinquencies in property tax revenues, but Montecito residents are, not surprisingly, up-to-date with their real estate tax obligations.

To engender privacy, mostly all famous and wealthy people buy their California homes in blind trusts with an unrelated person/entity as the trustee. Another option is to use a legal straw buyer.

Harvey quoted here —we are sure you will enjoy this very entertaining article entitled “Welcome to the Very Rich Neighborhood!”