Why Are All Of Meghan And Harry's Neighbors Leaving Their California Neighborhood?

Prince Harry and Meghan Markle's decision to relocate to Montecito, California in August 2020 was a move that sent shockwaves throughout the royal family and beyond. But it was "Megxit" — which also included the Duke and Duchess of Sussex stepping down from their royal duties — that helped the couple begin anew. It is there, on the sunny West Coast, where the two started to blaze their own trail outside of royal life. From inking deals with Netflix and Spotify to creating the non-profit Archewell Foundation to raising their two children away from the scrutiny of the British tabloids, Harry and Meghan seem to have settled in nicely in their new life in the luxurious enclave of Montecito.

But before such big moves could take place, Harry and Meghan had to dish out a whopping $14.65 million for their home — and even did so without royal help! While Oprah Winfrey, Gwyneth Paltrow, and Ellen DeGeneres also reside in Montecito near the duke and duchess, other neighbors are actually moving out in droves. But why?

Ever since Prince Harry and Meghan Markle moved to Montecito, several of their neighbors have left. In fact, it seems like the some of the other super wealthy residents are playing "Monopoly" and hot potato with the local properties.

Billionaire Peter Sperling is the latest neighbor of Harry and Meghan's to leave town. In fact, he sold two properties less than a year after the royals moved to the neighborhood. According to the Daily Mail, in February, Sperling sold one of his properties in the area for $16.3 million. Just a few months later, in April, he sold his seven-bedroom, 13-bathroom Montecito mansion for $19 million.

But Sperling is far from the only person who has sold their property in Santa Barbara since the royals' arrival. Rob Lowe also made his departure from the neighborhood in October 2020. The actor sold his estate for $45.5 million, per The Wall Street Journal (just $1.5 million under the asking price), and he had something to say about Harry and Meghan's move to his "sleepy little town." In a May interview with E! News' "Daily Pop," the actor opined, "Let me tell you something: once the royals move into your neighborhood, the neighborhood is never going to be the same." 

According to the Mirror, Harry and Meghan's arrival in Montecito drove up property values astronomically, so it would make sense that residents are choosing to sell their homes for as much as they can. Interestingly enough, however, Sperling lost $6 million on his April sale, per the Daily Mail.