As Prince Harry and Meghan Markle reportedly plan to move out of their exclusive, £11 million mansion, new research reveals how much they could rent it out for.

The nine-bedroom, 16-bathroom pad, which spans a whopping 18,000 square feet on 5 acres of land, could go on the rental market at over £120,000 a month. The Duke and Duchess of Sussex’s house is situated in the sought-after area of Montecito, Santa Barbara, an enclave littered with A-list celebrities such as Oprah Winfrey and Ariana Grande, as well as dazzlingly wealthy business tycoons, property moguls and recording artists.

The research, by accommodation experts Luxury Hotel analysed the overall value of Prince Harry and Meghan Markle’s Montecito home to discover how much the couple could charge every month if they decided to rent out – rather than sell – the sumptuous mansion they may soon leave.

The study used the real estate rental formula of taking 1.1% of a property’s overall value to calculate average monthly rent and estimated that the Duke and Duchess of Sussex could make at least £121,000 a month ($164,000) and 1.5 million a year in rent on their enviable property.

The Duke and Duchess of Sussex’s sprawling Montecito estate, built in the French Provincial style, features an endless array of luxurious rooms. Their master suite alone boasts its own outdoor terrace, generous dressing room and an en-suite bathroom, as well as a bedroom with creamy yellow walls, an elegant chaise lounge, and opulent bed with two matching bedside tables.

As well as the nine bedrooms within the property, the Duke and Duchess of Sussex’s home is believed to have a separate guest house with two more bedrooms, where friends and family can stay. The mansion itself is crammed with every luxury imaginable, from a gym and spa complete with its own sauna, to a home cinema, arcade, and games room. The exclusive property also features an extensive children’s play area, tea house and cottage, perfect for Harry and Meghan’s children to enjoy. The elaborate backyard is an oasis of calm, filled with olive and Italian cypress trees and featuring a tennis court and a large swimming pool.

A spokesperson for Luxury Hotel commented on the findings:

“With sources recently reporting that Prince Harry and Meghan Markle are thinking of leaving their luxury home in Montecito, it will be interesting to see what the couple decide to do next with the property. Given the extraordinary fame of the Duke and Duchess of Sussex, the fact that they have even lived in the property at all will make it one of the most exclusive homes in the world, and if they decide to invest long-term in their luxury mansion by renting it out, they will have no shortage of eager tenants”