Meghan Markle's wedding dress could cost more than $135,000 -- and she'll probably be the one paying for it

  • Meghan Markle's wedding dress is expected to cost roughly $135,584 (£100,000), according to sources who spoke to the Daily Mail.

  • The same sources have said that Markle's wedding dress designer is Ralph & Russo, the same designer she wore for her engagement gown.

  • Princess Diana's wedding dress was estimated to cost $115,000, and Kate Middleton's wedding dress reportedly cost $434,000.

The world is waiting with bated breath to see which designer Meghan Markle will wear when she marries Prince Harry on May 19 — and how much The Dress will cost.

Rumors have been flying that designers Roland Mouret, Inbal Dror, and Burberry's Christopher Bailey are in the running to dress the future royal for her big day.

Dan O'Neill, creative director of bridal, bridesmaids, and evening wear brand THEIA, told Business Insider last week he predicted Canadian designer Erdem Moralıoğlu, whose ERDEM brand has a "modern Victorian with a quirky edge" aesthetic, to design the royal wedding dress since Markle has been wearing clothes by Canadian designers or brands as of late.

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But this weekend, the Daily Mail shut all that down by reporting that Markle will wear a creation by Ralph & Russo — the designer behind the black masterpiece of a gown she wore during her engagement photos with Prince Harry.

And while the wedding dress has been rumored to come with a six-figure price tag, specifically $550,000, it may not be as high as we've been led to believe. According to the Daily Mail, the dress is only $135,584 (£100,000). Markle will probably pay for the dress herself, while the other wedding costs will be covered by the royal family, keeping in tradition with Kate Middleton's 2011 wedding.

Either way, it's cry from the wedding dress Markle wore during her first wedding to Trevor Engelson in Jamaica, a white strapless column gown with an embellished belt.

But that's not the only time we've seen her in a wedding dress pre-royal wedding.

In the season seven finale of Suits, her character, Rachel Zane, wore an Anne Barge V-neck wedding gown with beading and delicate embroidery that retails for $6,800.

But neither of those gowns will hold a candle to the dress she wears on May 19 — and she certainly has big shoes to fill when it comes to royal wedding gowns.

Princess Diana's wedding dress, designed by husband-and-wife team David and Elizabeth Emanuel, featured sequins, lace, 10,000 pearls, and a 25-foot train. It was estimated to cost $115,000. Years later, Kate Middleton donned a queenly and iconic Victorian inspired long-sleeved lace Alexander McQueen wedding dress, which reportedly cost $434,000, during her wedding to Prince William.

While the Daily Mail describes Markle's gown as a "hand-stitched, heavily beaded design," there's no official word yet on what her wedding dress will look like — but that hasn't prevented the world from speculating.

"Meghan is sleek and modern, and her sartorial choices of late have been guided by her best friend, Canadian stylist Jessica Mulroney," O'Neill said.

"My bet would be that Meghan will go modern and sleek, the silhouette will be form fitting and veer away from the traditional ball gowns that have swept into cathedrals and royal chapels. The gown will be sleeved as protocol dictates, which is perfect timing as bridal fashion is enjoying a sleeve moment. There will be a dramatic train flaring out from behind the knee."

However, he doesn't think the gown will be as expensive as the rumors claim it to be, saying it definitely won't be a six-figure gown, maybe even less than five figures.

"Meghan is very much an everyday girl and believes in wearing affordably priced clothes," O'Neill said. "Her wedding gown will be priced in the realm of accessible gowns. This beautiful, young, dynamic woman may surprise us all as she is making up her own rules in her new world every day."

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