Beyonce and Jay-Z have just purchased the most expensive property in California history.
The couple recently purchased a 30,000-square-foot Malibu mansion overlooking Paradise Cove. The Carters paid a record-breaking $200 million for the property, making it the most expensive transaction in West Coast history.
Before now, billionaire tech investor Marc Andreeson held the record for California’s most expensive real estate acquisition, clocking in at $177 million.
The new purchase would have been the largest-ever residential purchase in the country, but it fell just $38 million short.
In 2019, hedge fund billionaire Ken Griffin paid $238 million for a New York City penthouse. It remains the most expensive home ever sold in the United States.
According to reports, Jay-Z and Beyonce got a deal on the purchase price, as the mansion was initially offered for $295 million.
Still, the two multi-Grammy Award-winning performers were able to negotiate a price reduction of approximately a third.
The estate is a 30,000-square-foot gated monstrosity in Malibu’s Paradise Cove neighborhood, often known as Billionaires’ Row, with a spectacular view of the Pacific Ocean. It is a modern mixture of concrete and glass, a minimalist marvel.
The L-shaped home leads to massive, open rooms defined by concrete corridors and floor-to-ceiling glass walls.
Patios in the backyard lead to a pool, cabana, and a level, grassy lawn set on a cliff overlooking the ocean below.
Japanese architect Tadao Ando created the mansion previously held by William Bell Jr., one of the world’s most successful art collectors.
Photos of the almost palatial home are sparse because it was never put on the market.
Instead, the house was listed “secretly” as a pocket listing, which means a small group only saw it of qualified purchasers.
Jay-Z and Beyonce are worth $3 billion, making them one of America’s wealthiest couples.