Beyoncé and JAY-Z relocated from New York to Los Angeles. They took their time searching for the perfect home by temporarily staying in some luxurious rental places like La Villa Contenta in Malibu and a house in Holmby Hills owned by Jamie McCourt who used to own the LA Dodgers.
After months of searching, Beyoncé and Jay-Z closed the deal on a fantastic mansion in Bel-Air. The modern estate rests on two acres. The six structures that make up the home have combined total of 30,000 square feet. It has a helipad, a garage that holds up to 15 cars, a full basketball court, a spa, a media room, and four outstanding outdoor swimming pools. There is an attractive motor court for guest arrivals and plenty of private parking for guests and staff.
The Los Angeles Times reported the couple paid $88 million for the property. This was the highest price paid for any residential property in the greater Los Angeles Metropolitan Area this year, beating out the $85 million Mark Walter paid, this past May, to acquire the David Geffen estate in Malibu. It is estimated that the couple put a down payment of $35.3 million, and took out a mortgage for the balance of $52.8 million. This means their monthly mortgage payments will be around $250,000, which is about what an average person pays for an average home in many other less expensive parts of America.
The previous owner of the home, Dean McKillen, is the son of the successful Irish property developer Paddy McKillen, who is a billionaire. The son acquired the property through a corporation about four years ago and paid $15 million. McKillen made a nice profit on the sale after accounting for the money he paid for renovations during the past few years.
Beyoncé and Jay-Z are one of the wealthiest couples in show business, with a combined net worth of more than $1 billion. Beyoncé has a net worth of around $350 million and Jay-Z has a net worth of over $800 million. Beyoncé had tremendous success with her recent project called Lemonade. She is currently in negotiations with the producers of the next James Bond movie to create the theme song for that film.
There is no doubt that Hollywood welcomes the power couple as the hottest new residents in the exclusive neighborhood of Bel-Air, and we can look forward to some terrific parties in the future at this beautiful mansion.