Jay-Z And Beyonce Took Out A $52 MILLION Mortgage To Buy $88 Million Bel Air Mansion

By on August 23, 2017 in ArticlesMusic News

Jay-Z and Beyonce are without a doubt one of the most successful music couples of all time. With all of that success, comes a lot of money. The couple is worth over a billion dollars collectively. Some would think that with all that capital at their disposal, purchasing something like an $88 million mansion would be done in all cash. But it turns out that in some sense, Jay and Beyonce are just like the rest of us when it comes to purchasing a new home (kind of).

Public records show that Jay-Z and Beyonce purchased their Bel-Air mansion earlier this year for $88 million through blind trusts. And in order to facilitate the purchase, they took out a mortgage of $52.8 million. If we spread that amount out to the standard length of 30 years, with an interest rate of four percent, this means that Jay and Bey will be shelling out $252,075 a month for their property.

That $252,075 amount is about 40 percent of the median sales price for homes in Los Angeles County last month; $610,000. In addition, it's over $50,000 more than the media home value in the United States; $200,400.

Al Bello/Getty Images

Jay-Z and Beyonce's Bel Air mansion features 30,000 square feet of living space, spa and wellness facilities, four outdoor swimming pools, media room, separate staff quarter, and a full-size basketball court. The property was developed by Dean McKillen, who bought the property through a corporate entity four years ago for $15 million.

Jay Z and Beyonce's purchase is now the highest home sale of 2017 in Los Angeles County, and is the fifth highest home sale of a single family home in Los Angeles.

Articles Written by Marvin Jules
Marvin Jules is a freelancer with a passion for music and sports He is a graduate of Rutgers University with degrees is Communication and Human Resource Management. In addition to writing, he also runs an online store where he curates and sells vintage clothing and accessories. You can follow him on Instagram here (IG: 9to5thrift)
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