The celebrity couple Jay-Z and Beyonce Knowles paid cash for their $200 million property.
Insiders informed TMZ they don't have a mortgage on the house when they recently spent lavishly buying a 30,000 square foot home in Malibu from art collector William Bell, according to aceshowbiz.com.
The '99 Problems' hitmaker is worth about $2.5 billion, in part because of his alcohol brands Ace of Spades and D'Usse, his collection of fine art, and his own back catalog, but this may not come as a surprise given that his wife has amassed a fortune of about $500 million through her music and movie careers. This fortune is only expected to rise with her current 'Renaissance' tour because the concert series is anticipated to bring in more than $1 billion.
The property acquisition, which broke the previous record of $177 million, was made public last week. It was also revealed to be the second-highest real estate transaction in history overall, after the 238 million pound sale of an apartment in New York.
However, given that the home, which is located on an eight-acre plot of land with a view of the Pacific Ocean in the Paradise Cove neighborhood, was originally advertised for $295 million, Jay and Beyonce could believe they have gotten a good deal.
The home, which was built entirely of concrete and was planned by Japanese master architect Tadao Ando, took almost 15 years to create for the previous owner William.
Beyonce and Jay, who wed in April 2008, paid $88 million purchasing a house in Los Angeles' Bel-Air neighborhood in 2017. Since then, they have spent millions of dollars renovating the home to increase its worth to above $100 million.