Montecito has a number of celebrity residents including Oprah Winfrey and Ellen DeGeneres.
Built in 2003, the sprawling estate is hedged and gated from the street, according to the newspaper. The roughly 14,500-square-foot (1,350-square meter) main house has nine bedrooms, a billiards/game room, a home theater, spa facilities, an elevator and a gym.
Prince Harry and Meghan Markle to 'step back' as senior royals
The estate also includes a two-bedroom guesthouse, a teahouse, a tennis court, and a swimming pool.
The seller was a limited liability company tied to Russian investor Sergey Grishin, records show, according to the Los Angeles Times. Grishin is the former owner of another Montecito mansion, the so-called Scarface estate.
The couple has been looking for a family home since they announced they were quitting royal duties and moving to North America, citing what they said was unbearable intrusion and racist attitudes from the British media.
Markle, star of TV legal drama “Suits,” married Harry, grandson of Queen Elizabeth II, in a lavish ceremony at Windsor Castle in May 2018. Their son, Archie, was born the following year.