The 25-year-old-royal, who inherited several million pounds from his late mother's estate last year, bought the 848cc model at a cost of around £11,500.
He then paid to have the bike re-sprayed black with a distinctive Italian-inspired stripe in red, white and green down the side.
The Ducati 848 is described by enthusiasts as a 'sexy, sexy bike' and can reach 0-60mph in little more than three seconds.
Third in line to the throne Harry already owns a couple of trail bikes which he driven since the age of eight on his father's country estate.
Eighteen months ago he bought himself an £8,000 Triumph to celebrate passing his test and taking part in a marathon 1,000 mile motorbike charity trek across South Africa with his brother.
William already has a £15,000 Ducati 1198, however, and hasn't been able to resist teasing his younger brother - telling him he wasn't eligible 'to play with the big boys yet'.
So after being given the chance to ride pillion on a Ducati during a secret visit to the MotoGP British Grand Prix at Donnington last summer, Harry made his mind up that he would get one at any cost.
Although the young prince's bike is still not quite as powerful as his brothers 185 mph model, Harry is cock-a-hoop at his prize new purchase.
Harry is a huge fan of motorbikes. During his tour of duty in Afghanistan, he even found an abandoned motorcyle and drove it past a Spartan armoured vehicle in the desert in the Helmand province.
'Both William and Harry enjoy the anonymity that putting on their leathers and taking to the road gives them.
'No-one knows who they are and in the biking world people just treat them as one of the lads, which they love.'
THE DUCATI 848
The Ducati 848 is described as the lightest, fastest stopping, quickest lapping superbike in history.
Weight: 168kg (369lb)
Engine: L-Twin cylinder, 4 valve per cylinder Desmodromic, liquid cooled
Horse power: 134hp
Top speed: 166 mph
Fuel consumption: 44mpg
Made: Bologna, Italy
Insurance: Up to £5,000 a year for a rider of Harry's age and occupation
Weight: 168kg (369lb)
Engine: L-Twin cylinder, 4 valve per cylinder Desmodromic, liquid cooled
Horse power: 134hp
Top speed: 166 mph
Fuel consumption: 44mpg
Made: Bologna, Italy
Insurance: Up to £5,000 a year for a rider of Harry's age and occupation
Like any loving father, Prince Charles worries about his safety on such a powerful bike.
But Harry has reassured his 'papa' that he is a perfectly safe rider and pointed out that both he and William are followed at all times by a police officer on a similarly high-powered machines.
'The way Charles worries about his sons is rather sweet, really. His reaction when Harry told him was like that of any father whose child has just announced they have bought themselves a motorbike,' said a source.
'But he knows that his sons are old enough to make their own decisions about things like that and he would never dream of stopping them.
He just limits himself to asking them to be careful.'Italian-made Ducati bikes are considered the 'ultimate' high performance bike around today.
A spokesman for the firm said: 'We consider ourselves a very aspirational brand - the Ferrari of the motorbike world.'
Harry is currently training with the Army Air Corps to become a helicopter pilot and is due to find out within days whether he has been selected to fly their Apache or Lynx models.
Either way, he hopes to be able to return to the frontline in Afghanistan - and could see active service there in as little as 18 months time.
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