Spencer Rejects Meghan and Harry's Plea for Althorp Amid a Bankruptcy Crisis. Meghan Markle and Prince Harry have been facing significant financial challenges since stepping back from their royal duties in 2020 and becoming financially independent from the royal family. Despite their multi-million dollar deals with Netflix and Spotify, these ventures have not yet yielded substantial profits. Meanwhile, the couple has spent tens of millions on setting up their estate in California, alongside massive security costs.
For months, rumors have been swirling that the Sussexes are struggling financially and are searching for ways to bring in more income. Reports suggest their security expenses alone exceed $4 million annually, while estimates place their lifestyle costs at over $5 million per year, just to maintain their current standard of living in California and cover travel expenses for work commitments.
With mounting costs and little significant income flowing from their business ventures, insiders say Meghan and Harry are becoming desperate to find new sources of funds. As the seventh in line to the throne, Harry does not have his own royal estate or property to generate an income.
This is where the couple reportedly turned their attention to Althorp, the sprawling Northamptonshire estate that has been in the Spencer family for over 500 years. Althorp is renowned for being the final resting place of Harry's late mother, Princess Diana, who is buried on a small island within the estate grounds. The current owner of Althorp is Charles Spencer, Diana’s younger brother.
As the 9th Earl Spencer, Charles inherited Althorp and its 13,000-acre park and farmlands from his father in 1992. Maintaining such a vast estate is an expensive endeavor, requiring constant upkeep, repairs, and renovations. It’s estimated that the annual costs for running and staffing Althorp range between £5 million and £7 million, with additional millions needed for periodic repairs and restorations.
Although Althorp generates some income from estate tours and Diana's burial site, which attracts hundreds of thousands of visitors each year, it has never been a fully self-sustaining business.
Sources indicate that earlier this year, Harry and Meghan discreetly approached Charles Spencer to discuss the possibility of leasing or renting part of the Althorp estate as a way to generate income. Specifically, the couple was said to be interested in renting one of Althorp’s many grace-and-favor cottages or lodges as their UK base when visiting for work or family events.
However, insiders reveal that Spencer was not at all pleased by the proposition. He swiftly rejected the offer, citing that Althorp had been in the Spencer family for over five centuries, and he had no intention of leasing any part of it. Some believe Spencer was also wary of the potential association with Harry and Meghan, given their controversial exit from royal life and the ongoing tensions with the Windsor family.
While Spencer’s rejection may have come as a surprise to some, sources close to the Earl suggest the real reason was that Althorp itself is facing financial difficulties. Years of soaring maintenance and staffing costs have left the estate on the brink of bankruptcy if changes aren't made. Spencer has been exploring ways to increase the estate’s income without compromising its historic legacy, but options remain limited due to the estate's location and purpose.
The last thing Spencer needed was the added burden of leasing land or properties to Harry and Meghan, especially with no guarantee of consistent long-term income. Given the financial strain Althorp is already under, it comes as no surprise that Spencer declined their offer outright rather than risking any further financial obligations.
Some critics have argued that Harry and Meghan's request to rent a property at Althorp was in poor taste, considering their personal wealth and financial resources compared to the centuries-old aristocratic family struggling to maintain its estate. Showing up "cap in hand" to ask for help from Spencer, when they themselves have access to substantial assets, has not sat well with many observers.
