There were reports recently that Prince Harry and Meghan Markle are planning to relocate to Los Angeles in summer. The royal couple who were said to have been scouting for houses are reportedly considering moving to Malibu.

Prince Harry and Meghan Markle have reportedly set their eyes on a home valued at $7 million in the posh celebrity neighbourhood. If the royal couple relocate, they are likely to rub shoulders with the likes of Robert Downey Jr, Mel Gibson, Caitlyn Jenner and Dick Van Dyke.

When they announced their shocking split from the British royal family in early January, they said in a statement that they would split their time between the UK and North America. But, if they move to LA, they will be close to Meghan's mother Doria Ragland and to Hollywood. Harry and Meghan will officially exit from the British royal family on Tuesday, March 31, paving the way for their financial independence and a life away from the media glare.

The $7 million mansion is an Italian Renaissance-style house with five-bedrooms. It also boasts a swimming pool, tennis court and sprawling grounds. "Baywatch" star David Charvet and his wife, Brooke Burke are said to be the previous owners of the home. It is located within a gated Malibu community, reports Daily Mail.

The mansion is very close to the beach and hidden from the public eye. It gives Harry, Meghan and their nine-month-old son the privacy from the media and paparazzi.

The couple have kept a low profile ever since they announced their royal exit. Harry and Meghan made an appearance at Stanford University to brainstorm with professors and employees for their new charity foundation.

Prior to that they were keynote speakers at JP Morgan's investment summit for billionaires in Miami. It was in here that Harry opened up about his battle with depression after the death of his mother, Princess Diana. He also admitted to seeking therapy to battle mental health.

Prince Harry and Meghan Markle
The couple have lost their right to be called 'his and her royal highness' (HRH) - much as Harry's late mother Princess Diana did when she divorced Prince Charles. Photo: AFP / Daniel LEAL-OLIVAS

Meanwhile, Harry is collaborating with Oprah Winfrey on a new docuseries surrounding mental health. Meghan has recorded her voiceover for Disney. The couple had expressed their desire to step down as senior members of the royal family and become "financially independent."