Prince Harry and Meghan Markle take out £7.25m mortgage on huge 9 bed, 16 bath pad – ‘with a stripper pole’

PRINCE Harry and Meghan are believed to have taken out a massive £7.25m mortgage on their lavish nine bedroom, 16 bathroom estate - which they are calling their "sanctuary".

The couple reportedly moved into the luxurious £11.1 million mansion which boasts a pool, theatre, arcade and guest house in Montecito, California, back in July.

Pictures from a previous listing of the huge 14,563 square foot property on five acres of land show it appears to have a stripper pole installed in its gym.

It is not known if the quirky feature has since been removed. The huge pad also has its own kids playground.

Despite the hefty price tag, it looks like the couple got themselves a bargain as the estate is actually valued at a whopping £20m ($27m).

Deeds, obtained by The Sun, show the buyers for the property took out a £7.25m ($9.5m) mortgage to be paid back plus interest by the year 2050 - indicating they put down a deposit of £3.8m ($5m).

They will also have to pay a whopping yearly property tax of £220,000.

The records show the property was bought by a mysterious company called the Residential Real Estate Trust.

While there are no names listed for the mysterious trust, it matches that of a previous LLC set up by Meghan called Frim Fram Inc.

A source close to Meghan and Harry says the couple are calling the luxury mansion their "sanctuary".

“Harry and Meghan have settled into their new home and say they are still figuring things out, they hope when Covid lets up their lives will become easier,” a source said.

“They realised they needed a big home with a lot of space for Archie because they can rarely leave the house due to their fame, they are still quite nervous about going out and about.

“They have been worried about Archie as he's been inside so much during lockdown and not interacting with other children, but everyone has reassured them that they’re doing a great job.

“Meghan wanted somewhere with a spectacular garden and the house has a giant pool and pond for them to enjoy.

"They say this new house is their 'sanctuary'.

“She has been speaking about getting an easel to sit outside and paint during quiet moments, she loves the California sunsets.

“Harry seems a lot more relaxed, he’s walking around the house in shorts and a t-shirt, unshaven and is friendly with the staff, they think he’s adorable.

“He is particularly relaxed now they have a full security team and he’s talked about how impressed he is by the team, who are former LAPD and ex-servicemen.

“They are still looking for a housekeeper and hope to find one when the pandemic eases up, but they do have staff who are sent out with a list for groceries.”

The property, which was bought in June, is located in the celebrity enclave of Montecito, Santa Barbara - about an hour north of Los Angeles - and is also home to stars such as Oprah Winfrey, Ellen Degeneres and Drew Barrymore.

Located inside a secure gated community, the mansion has a giant swimming pool, sauna, wine cellar and a five-car garage.

It also has a two bedroom guest house, which would be perfect for Meghan's mum Doria to stay at.

Previous pictures of the interior found in old listings show the gym has a stripper pole - and one of the bedrooms has a children's bedroom shaped like a pink princess castle.

An old ad for the property describes it as being in the heart of Montecito and recently modernised with up-to-date Lutron lighting and Crestron high-tech iPad controls.

The 7.38 acre site has beautifully clipped hedges bordering the entry gates before opening out onto a wide lane that is paved with Santa Barbara stone.

The lane then leads through a stunning arch of trees up to the main building, which boasts a library, office, spa, gym, separate dry and wet saunas, games room, theatre, arcade, wine cellar, and a garage that can house five cars.

The property is surrounded by large manicured laws, tiered rose gardens, blooming lavender, 100-year-old olive trees and tall Italian cypress trees.

Other facilities include a tennis court and a swimming pool, while the estate also has several outbuildings - including a children's cottage, a tea house, and a two-bedroom, two bathroom guest house.

Frank Abatemarco, a local realtor for Sotheby’s told The Sun: “This is a semi-rural neighbourhood that has everything.

"It’s a great place for children and families. "I can’t think of a greater place for them. The schools are also exceptional.”

Asked how celebrities are treated in the area, he added: “People leave them alone. There’s no paparazzi here, people don’t make a fuss and allow them to have their privacy here.

"My guess is people will be very protective of them here, I’m a fan and we’d like to welcome them to Montecito.”

Page Six first reported that Harry and Meghan had secretly bought a property in Santa Barbara on Tuesday.

A source told them: "Harry and Meghan have been quietly living in their own home in Santa Barbara since early July.

“They are not houseguests of Oprah or anyone else, they bought this home themselves. This is where they want to continue their lives after leaving the UK.

“This is the first home either of them has ever owned. It has been a very special time for them as a couple and as a family — to have complete privacy for six weeks since they moved in."

A spokesperson for the couple confirmed the move to the publication, saying: “The Duke and Duchess of Sussex moved into their family home in July of this year.

"They have settled into the quiet privacy of their community since their arrival and hope that this will be respected for their neighbours, as well as for them as a family.”