Business Property & Mortgages

Sunday 25 February 2018

Think your monthly mortgage is high? Beyonce and Jay Z's eye-watering repayments on €75m mansion bought from Irish developer

Celebrity duo take out $52.8m mortgage to buy mansion from Irish developer McKillen

Beyonce and Jay-Z (PA)
Beyonce and Jay-Z (PA)

Ronald Quinlan Commercial Property Editor

The next time you feel like complaining about the size of your mortgage, you might want to spare a thought for Beyonce and husband Jay Z.

Publicly-available records just filed in Los Angeles County show that they took out a $52.8m (€44.75m) mortgage to help fund their recent $88m (€74.56m) purchase of their new home in the city’s exclusive Bel Air neighbourhood.

Taking that number, the Los Angeles Times estimates that the celebrity couple would have to make monthly payments of $252,075 (€213,586) on a 30-year mortgage based on an indicative interest rate of 4pc.

To put those monthly payments in perspective, just one instalment would be sufficient on its own to buy a new one-bed apartment outright in 15 of Dublin’s 22 postal code areas, according to Daft.ie.

According to its latest house price quarterly report covering the three months to the end of June, vendors of one-bed apartments in Dublin 22 and Dublin 1 were seeking an average of €117,000 and €204,000 respectively. 

But with Beyonce and Jay Z’s combined wealth estimated by Forbes magazine to exceed $1.16bn, it’s probably fair to say their $52.8m loan facility won’t be causing them to lose much, if any sleep.

The couple acquired their new home at 454 Cuesta Way through blind trusts from Dean McKillen, the son of Belfast-born property investor Paddy McKillen.

The sale which was handled by Dean’s brother, Tyrone, in his capacity as a broker with Hilton & Hyland, the leading LA real-estate agents and luxury homes specialists, is the most-valuable transaction to have been conducted this year in Los Angeles County, topping the $85m sale of billionaire movie and music mogul David Geffen’s compound in Malibu.

Beyonce and Jay Z’s new home is located in Bel Air's most exclusive area of East Gate.

Designed by Irish architect Paul McClean, the sprawling mansion has eight bedrooms, 11 bathrooms, four swimming pools, a basketball court, a recording studio, a spa, staff quarters and limestone floors. Glass-walled common areas open on two sides to enjoy panoramic views. The pocketing glass doors and windows are bulletproof.

Outside, extensive patios and terraces create an additional 10,000 square feet of living space. The property also has the benefit of garage space for 15 vehicles as well as a motor court and an area for staff parking.

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