Anyone who was outbid on a home during Houston's feverish housing market of the past few years, take heart. Beyoncé feels your pain. This week, news broke that Bay and Jay-Z have struck a deal to purchase a modern mansion in Bel Air for $88 million.
Considering that the spec-built property was reportedly being shopped around for $135 million, it might seem that the Knowles-Carter clan got a deal by negotiating down to 65 percent of the asking price. But their three-year search for an L.A. abode shows that even a couple with a net worth over a billion dollars (according to Forbes) has 99 problems when it comes to landing their dream house.
In 2014, they reportedly made an offer on a Beverly Hills spec mansion only to be outbid by the Swedish creator of Minecraft, who plunked down $70 million for the over-the-top pad. In 2016, they offered $49 on another 10-bedroom mansion in Beverly Hills, only to again be outbid, this time by designer Tom Ford.
In finally landing a property, Jay and Bey have taken out a mammoth $52.8 million mortgage with payments totaling around $250,000 per month—which is still less than the reported $400,000 monthly rent on their temporary home base in Malibu. The $88 million sale represents the highest-priced real estate deal in Los Angeles this year (but not by much) and the sixth-most expensive residential purchase of all time in Los Angeles county.
What are they getting for all that coin? According to Variety,
The monumental, ultra-modern compound, designed by architect Paul McLean and spec built by Dean McKillen, son of Irish billionaire property developer Paddy McKillen, is hidden behind massive iron gates on about two hillside acres and comprises six sleek, glass-walled buildings that combined encompass around 30,000-square-feet of living space with a total of 8 bedrooms and 11 bathrooms. A sculptural circular staircase in the three-story main residence is lined with leather and vast banks of bulletproof floor-to-ceiling glass panels throughout the compound open electronically at the touch of a button. Another 10,000-square-feet of outdoor living space includes an outdoor lounge under a cantilevered roof along with four outdoor swimming pools, a full-sized basketball court, a spa and wellness center, garaging for 15-cars and separate staff quarters.