Meghan Markle & Prince Harry House Hunting in Malibu

Meghan Markle and Prince Harry are house hunting again ... and this time they're eyeing a pricey slice of paradise in Malibu, where a brand new mansion is going up.

Sources with direct knowledge tell TMZ ... the Duke and Duchess of Sussex spent part of their holiday weekend touring an $8 million plot of land in the 'Bu.

Our sources say Meghan and Harry checked out an estate, that's almost 6 acres. There's already a guard house at the front of the property, plus a huge pool ... and the foundation is laid for a 10,000-square-foot main residence.

The property sits above PCH and overlooks Broad Beach, and it's super secluded and private -- there's a gate and a long driveway up to where the main house would sit -- and we're told that's part of the draw for Meghan and Harry.

Our sources say the asking price is $8 million ... plans for the main house have already been approved and a construction crew is in place. If Harry and Meghan buy the lot, they can assume the costs of construction, estimated at another $10 million.

Meghan and Harry currently live in a $14 million mansion in Montecito, which is pretty far from the glitz and glamour of Hollywood ... and the Malibu property is about 13 miles from celeb hot spot Nobu, and less than an hour drive from L.A. and Beverly Hills.

Our sources say M&H are talking about selling their Montecito home and moving to Malibu full-time. It's close enough to Hollywood for them to do business, but far enough from Hollywood to give them security and privacy.

We did some digging and it appears Brendan Brown at Westside Estate Agency reps the property. We reached out to Brendan, so far no word back.