Jay-Z and Beyonce Take Massive Mortgage on $88 Million Bel Air Compound

BUYERS: Jay-Z and Beyoncé
LOCATION: Los Angeles, CA
PRICE: $88,000,000
SIZE: 6 buildings with (approx.) 30,000 square feet, 8 bedrooms, 11 bathrooms

YOUR MAMA’S NOTES: A few months ago the Page Six column of the NY Post reported longtime L.A. house hunters Jay-Z and Beyoncé made a pearl-clutching $120 million dollar offer against a staggering $135 million asking price but it turns out the deep pocketed couple actually paid the substantially lower amount of $88 million in an off-market deal for a sleekly flamboyant spec-built compound in the mega-prime East Gate area of L.A.’s perennially posh Bel Air. The sale price, a financially forbidding figure by any standard, may indeed be a paltry 65% of the original asking price but it’s nonetheless the sixth highest price ever paid for a single-family home in Los Angeles County and the highest price paid so far this year, topping the $85 million deal Dodgers owner Mark Walter made in May for David Geffen’s East Coast-style compound on Malibu’s Carbon Beach. Public records show the money-minting showbiz superstars carry a mind-numbing $52.8 million mortgage on the property that, as was calculated by the property gossip at the L.A. Times, translates at a 4% interest rate to 30 years of monthly payments of $252,075, an amount U.S. Census data indicates is more than 97% of Americans earn in an entire year.

The monumental, ultra-modern compound, designed by architect Paul McLean and spec built by Dean McKillen, son of Irish billionaire property developer Paddy McKillen, is hidden behind massive iron gates on about two hillside acres and comprises six sleek, glass-walled buildings that combined encompass around 30,000-square-feet of living space with a total of 8 bedrooms and 11 bathrooms. A sculptural circular staircase in the three-story main residence is lined with leather and vast banks of bulletproof floor-to-ceiling glass panels throughout the compound open electronically at the touch of a button. Another 10,000-square-feet of outdoor living space includes an outdoor lounge under a cantilevered roof along with four outdoor swimming pools, a full-sized basketball court, a spa and wellness center, garaging for 15-cars and separate staff quarters.

Over the last few years the spectacularly successful international entertainment industry royals, who according to the bean counters at Forbes have a combined net worth of $1.16 billion (and counting) and, hence, can comfortably afford a quarter million dollar per month mortgage payment, have hopped around to a handful of exuberantly high-priced rentals in some of L.A.’s fancier zip codes. Most recently they were shacked up on sprawling, 6.3-acre bluff-top Malibu estate for which they reportedly paid $400,000 per month. They additionally maintain an 8,309-square-foot penthouse in lower Manhattan’s Tribeca neighborhood that was acquired in 2004 for $6,850,000 and where they were married in April 2008.

Listing photos: Hilton & Hyland

Filed Under:

Post A Comment 45

Marketplace

    Leave a Reply

    45 Comments

    Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

    1. Abhinavdas says:

      Seriously guys ?. Do you think this is necessary! See well because it may lead to debt crisis

    2. Me says:

      I would not want to be the underwriter on this loan. It will not end well.

    3. I deeply regret having read this piece. Prescription drugs, dope or dogfood?

    4. I AINT SORRY,I AINT SORRY AND I AINT MAD WITH YALL BAD SELFES.😛😛😛😛😛

    5. Lasheema Monroe says:

      That Realtor got PAID!!!!!!

    6. Jackson says:

      Congrats to all parties involved.

    7. Itsbrandt says:

      Yeah, but the illegal downloads are taking food off their table

    8. Shakyjay says:

      Its just an investment to them they not going to stay there 30 years it’s for show and profit

    9. If i was famous I would be so humble . Why in the hell by this huge ass house ?

    10. Corressa Anderson says:

      I’m happy for them but how many houses do you need? I’m 55 and fighting for my social security after being diagnosed with kidney disease. Can I get a house or car? For way less than that.

      • Sam says:

        Are you a talented world icon traveling working 365 days a year on the road standing on a stage performing for hours rehearsing for hours doing stage check for hours. Please have some courtesy.

    11. Lynne says:

      It looks dated but beautiful, I know when B’s mom put her fabulous decorating skills on it it will be incredible…
      Love you guys

    12. Jennifer says:

      Out of curiosity, and I’m not being mean I’m being truthful, why is it when the whines of the world talk about “the 1%,” they never talk about celebrities?

    13. Daniel says:

      Photo gallery with this article very slim

    14. Asia says:

      Why Jay-Z just won’t pay cash for the mini mansion instead of paying the stupid tax, they will save money that way

    15. Island Girl says:

      Why would anyone need more bathrooms than bedrooms?

      • Asia says:

        Why Jay-Z just won’t pay cash for the mini mansion instead of paying the stupid tax, they will save money that way, they can afford it 1.16 billion together combined why pay the stupid tax.

    16. ihateshills says:

      It is actually quite nice, but not being a CA resident, I do not understand the $88,000,000 price tag (just because I really don’t get why anyone would want to live anywhere near LACA, but that’s probably just me). May some extremely wealthy person find peace and happiness in this nice home.

    17. Buzz says:

      I thought all of these celebrity ilk were against walls.

    18. Jim M. Ryles says:

      So what, still Barry loving low life….Jump down turn around….

      • Mary Lyons says:

        Yes, what are they trying to prove? Lots of money for a rapper and angry burlesque dancer to have made. Now Obama has someplace to stay when he comes to rub elbows with the celebs.

    19. Curtis says:

      Just goes to show, unless a camera is around, they could give less than two fucks about their community… Just imagine the lives they could’ve changed with what obviously was a drop in the bucket to them.

    20. ingee boo says:

      wow, thats something. what bothers me is all this talk about contemporary black couples being supressed and held back doesn’t seem to apply here. here is a talented couple that has more wealth than i will ever see in my lifetime.. and that doesnt bother me. good for them. so whats the problem, or is thre a problem at all. maybe the blacks they left back in the hood are just jealous and need an excuse for their lazy, miserable lives. hmmm.

    21. blackngold4life says:

      Bell Aire is just a name..Much better spots in PV with way better views

    22. M. Smith says:

      You wouldn’t say big mortgage if it was white people…and second it’s their money so what.

    23. Two liberal Democrats with the carbon footprint of an NFL team.

      • Toni says:

        A copter pad here would be handy. Copter out to Malibu and over to bh or
        Universal/Sony/ sm/lax. Like the jetsons.

    24. Could probably invite 5,000 refuges to camp on this sweet spot. C’mon guys, put your money where your mouth is! $88MM could help allot of these poor Haitians on the northern border with Canada.

    25. Mike Kelly says:

      Kind of an ugly looking place Has all of the ambience of an old motel that was slightly renovated..

    26. Dave Simpson says:

      Their house is protected by a Big Wall … Trump fans !

    27. Chris says:

      Black supremacy

      • Toni says:

        Yah I’d like to be a slave for a week vacation there!!!
        Crowd fund a free staff in exchange for lunch at the pool.
        Ok.

        • Sandy says:

          Just my 2 cents but always thought the staff of these outlandish estates were the people always there enjoying it compared to the owners that are busy out doing stuff like making money. Maybe not.

    28. BTR says:

      I work with lots of ultra high net worth individuals (in finance) and I can promise you… Promise you they aren’t paying anywhere near 4% on that mortgage. Due to what i’m sure is a very complex investment relationship with their bank they’re probably getting the mortgage at 2 1/2%. MAX. It’s good business to leave that money in the market and I’m sure the bank is appreciative as well.

      I love seeing people start from the bottom and make such successes of themselves.

    29. James says:

      Disgusting how much the Hollywood elite can throw away. More than” what most households” make in a year. Actually I believe $247K a year is allot more than 99% of American’s.

      • Sad says:

        Wow add,
        88000 month for property taxes. Wew.
        1 m yr for property tax !!!!!! Omg.
        That’s a huge mansion every year in any normal state. Nosy neighbor.

    More Dirt News from Variety

    Loading