Hot Property: Beyonce, Jay-Z buy $88 million mansion in Bel-Air

  • By Neal J. Leitereg, Lauren Beale and Jack Flemming Los Angeles Times (TNS)
  • Saturday, September 2, 2017 1:30am
  • Life

By Neal J. Leitereg, Lauren Beale and Jack Flemming / Los Angeles Times

LOS ANGELES — The “will they or won’t they” debate is over: Jay-Z and Beyonce have finally bought a home in L.A.

The rapper/hip-hop magnate and his superstar wife have bought a modern mansion in Bel-Air, according to sources not authorized to comment publicly on the deal. The purchase price was $88 million, public records show, among the most expensive real estate deals historically in L.A. County.

Completed this year, the monolithic showplace comprises six structures with about 30,000 square feet of interior space. Expansive patios and terraces create an additional 10,000 square feet of living space outdoors.

Amenities include spa and wellness facilities, a media room and four outdoor swimming pools. Glass-walled common areas open on two sides to access panoramic views. The pocketing glass doors and windows are bulletproof.

Also within the approximately 2-acre compound is a full basketball court and separate staff quarters. There is garage space for 15 vehicles as well as a motor court and an area for staff parking.

The home was developed by Dean McKillen, the son of Irish billionaire and property investor Paddy McKillen, who four years ago purchased the property through a corporate entity for $15 million.

The new development was never publicly offered for sale but carried an asking price of $135 million.

The couple are carrying a mortgage of $52.8 million, records show, which amounts to 30 years of monthly payments at $252,075 based on an interest rate of 4 percent.

To put that into perspective, that monthly payment is roughly 40 percent 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 couple’s combined net worth is reportedly $1.16 billion.

Rapper’s on the losing end of it: Detroit rapper Eminem is looking to find a buyer for his 5.7-acre compound in Oakland Township, Michigan, and he’s not afraid to take a hit on the low asking price of $1.999 million.

Eminem bought the house in 2003 from a former CEO of Kmart for $4.8 million, according to CBS Detroit.

Built in 1986, the five-bedroom home has 17,500 square feet of living space spread across 22 rooms.

The compound has 8.5 bathrooms and a three-car garage. Highlights include a pool and spa area, guardhouse, groomed pond and tennis court.

Eminem, whose real name is Marshall Mathers, was the bestselling artist of the 2000s in the U.S., with massive hits such as “Lose Yourself” and “Stan.” His net worth of $210 million ranks him as the sixth-richest rapper in the world, ahead of artists such as Usher, 50 Cent and Kanye West.

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