Beyonce and Jay-Z have broken a record laying down $200 million in cash for their new Malibu pad. It is the most money ever paid for a California home. They beat out their new neighbor, venture capitalist Marc Anderson, who paid $177 million for the house next door in 2021.
So why did Beyonce buy the home?
Well, it overlooks the Pacific Ocean. It is also a ‘minimalist masterpiece’ which was the brainchild of art collector William Bell who purchased the home in 2003 for $14.5 million. It was designed by Japanese architect Tadao Ando, a Pritzker Prize winner who has created impressive concrete structures which are displayed globally.
The L-shaped mansion offers an open floor plan with concrete hallways and floor-to-ceiling glass walls. The backyard consists of patios, a swimming pool, a cabana, and a flat, grassy perch that overlooks the beach.
The property spans 40,000 square feet and required 7.645 cubic yards of concrete to complete.
Photos of the mansion are hard to come by. It quietly hit the market as a pocket listing meaning it was only shown to select buyers. It was originally listed at $295 million which means Jay and Bey got quite a deal, sweetened no doubt by the fact that they offered cash.
Rumors of the home have reached gothic proportions with some Reddit users comparing it to a supervillain’s lair.
The purchase brings big changes for the Southern California real estate market which has slowed down this year. It also further establishes the area of Paradise Cove as one of the most valuable stretches of land in the country.
$200 million is a lot to pay for a home, but it appears the power couple can well afford it. Jay-Z is reportedly worth $2.5 billion thanks to his lucrative liquor business, his music career and catalog, and his fine art collection.
Beyonce has a net worth just shy of $500 million which she accumulated through her tours, music catalog and feature film appearances. She just kicked off her Renaissance Tour which is expected to rake in $1 billion further increasing the couple’s value.