*Public records show that Jay-Z and Beyoncé paid $88 million for their new estate in Bel-Air, and used conventional financing in order to complete the purchase, according to the Los Angeles Times.
The couple shelled out the $88 million through blind trusts, and carry a mortgage amount of $52.8 million, records reveal. That amounts to about 30 years of monthly payments at $252,075, based on an average interest rate of 4%.
The Times put it all into perspective, saying “that’s roughly 40% of the July median sales price — $610,000 — for single-family homes in Los Angeles County, according to CoreLogic. It’s also about $50,000 more than the U.S. median home value of $200,400, according to Zillow.”
The estate comes with approximately 30,000 square feet of living space, four outdoor swimming pools and a spa and wellness center. It sits behind gates on about two acres and comprises six structures. There’s also a media room, separate staff quarters and a full-sized basketball court.
The off-market transaction is now the highest sale of 2017 in Los Angeles County, besting the $85-million deal for David Geffen’s Malibu compound that recorded in May. It’s L.A.’s sixth-largest sale of a single-family home ever, trailing last year’s pair of $100-million deals, the 2000 sale of the Conrad Hilton estate for $94 million, the $90-million sale of Owlwood and Fleur de Lys, which traded three years ago for $88.3 million.
Jay-Z and Beyoncé have a combined net worth of $1.16 billion, according to Forbes.