Beyoncé and Jay-Z purchase new $200 million Malibu mansion

Leisure information outlet TMZ reported on Friday that the music icons had paid $200 million for a 40,000-square-foot property within the Paradise Cove space, citing sources in the true property business.

The attention-watering price ticket makes the home the costliest property ever to be offered within the state of California, dethroning a Malibu property that was purchased by enterprise capitalist Marc Andreessen for $177 million in 2021. However that isn’t the entire story.

It didn’t set a brand new report for the costliest residential sale within the U.S. That report continues to be held by a Manhattan penthouse, which hedge fund billionaire Kenneth C. Griffin spent $238 million on 4 years in the past.

But it surely was one thing of a deal. In line with TMZ, Beyoncé and Jay-Z secured their Malibu property for $95 million beneath the asking worth. The information outlet additionally reported that the couple paid the $200 million for the mansion in money.

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Celeb real-estate agent Kurt Rappaport, who reportedly brokered the deal, didn’t instantly reply to Fortune’s request for remark.

The concrete compound, which overlooks the Pacific Ocean, naturally comes with a swimming pool, and sits on eight acres of land. Designed by famed Japanese architect Tadao Ando, the property was commissioned and owned by cleaning soap opera veterans turned famend artwork collectors William and Maria Bell, with the mission reportedly taking 15 years to finish.

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The Each day Mail reported final month that Ando had been engaged on the event of a Malibu mansion for rapper Kanye West, referred to as Ye—however development is alleged to have been stalled since Ye was dropped from a number of enterprise partnerships following a sequence of public antisemitic outbursts.

Beyoncé and Jay-Z’s newest property buy provides to a luxurious property portfolio that features a $100 million Bel-Air mansion, which the couple are reportedly holding onto alongside their new Malibu residence.

Earlier this 12 months, Jay-Z, né Shawn Carter, noticed his web value attain $2.5 billion, together with his fortune boosted by his huge enterprise empire.

Beyoncé, in the meantime, had an estimated web value of $450 million by the top of 2022, in response to Forbes. Nonetheless, her wealth is prone to be boosted by her upcoming Renaissance World Tour, which is anticipated to earn nearly $2.1 billion.