Meghan Markle and Prince Harry Drop $14 Mil on Spectacular Montecito Estate

Prince Harry and Meghan Markle have moved to Montecito, home of Oprah and many other celebs, and now we know which home they bought ... and it's insanely lavish.

Real estate and other sources with direct knowledge tell TMZ, the wayward royals plunked down $14,650,000 on the 18,000-square-foot home which sits on 5 acres. It has 9 bedrooms and 16 bathrooms. No, this is not a mistake ... 16 bathrooms. There's also a guest house for in-laws. We're told Meghan's mom has already been there ... we're guessing the Queen will take a pass.

It's got a lot more ... a beautiful pool, expansive lawns and lots and lots of what they want most -- privacy. The house is behind multiple gates and is super secure.

TMZ broke the story ... Harry and Meghan are suing a photog agency for allegedly snapping pics of Archie in the Bev Hills backyard of Tyler Perry's mansion. It's gonna be a lot harder for paparazzi to do the same in Montecito.

The former Royals join a long line of celebs leaving Los Angeles for greener and more private pastures in Montecito ... the super-exclusive city is home to celebs like Oprah, Ellen, Drew Barrymore, Rob Lowe, Dick Wolf, Patrick Stewart, Scooter Braun and many others.