June 7, 2023

Celebrity couple Beyoncé and Jay-Z smashed an actual property report with the acquisition of their new Malibu residence.

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 most costly property ever to be bought 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 most costly residential sale within the U.S. That report remains to be held by a Manhattan penthouse, which hedge fund billionaire Kenneth C. Griffin spent $238 million on 4 years in the past.

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

View this put up on Instagram

A put up shared by Anthony Barcelo (@mrbarcelo)

Superstar 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 challenge reportedly taking 15 years to finish.

View this put up on Instagram

A put up shared by Anthony Barcelo (@mrbarcelo)

The Every 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 claimed to have been stalled since Ye was dropped from a number of enterprise partnerships following a collection 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 yr, Jay-Z, né Shawn Carter, noticed his web price attain $2.5 billion, together with his fortune boosted by his huge enterprise empire.

Beyoncé, in the meantime, had an estimated web price of $450 million by the tip of 2022, based on Forbes. Nonetheless, her wealth is more likely to be boosted by her upcoming Renaissance World Tour, which is predicted to earn nearly $2.1 billion.