Monday 23 April 2018

Beyonce and Jay Z pay Irish developer McKillen $90m for LA mansion

'Most-valuable' property transaction in LA this year

Billionaire's Row: Beyonce and Jay Z inset over an aerial photo of 454 Cuesta Way in Bel Air, Los Angeles
Billionaire's Row: Beyonce and Jay Z inset over an aerial photo of 454 Cuesta Way in Bel Air, Los Angeles
Ronald Quinlan

Ronald Quinlan

Beyonce and husband Jay Z have reportedly closed a $90m deal to buy a mansion in LA’s exclusive Bel Air neighbourhood developed by Dean McKillen, the son of Belfast-born property investor Paddy McKillen.

While the deal has yet to be publicly recorded, the Los Angeles Times reports that it will be 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.

In an additional coup for the McKillen family, the sale of the 30,000 square foot property 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.   

The house at 454 Cuesta Way 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.

While the property cost a significant amount to develop, the reported $90m paid by Beyonce and Jay Z to secure ownership is set to deliver a handsome profit for Dean McKillen. The developer acquired the original property at 45 Cuesta Way through a corporate entity four years ago for $15m.

Dean’s brother, Tyrone, meanwhile was recently ranked 14th on US property magazine, The Real Deal's ranking of LA's leading luxury real-estate agents. In 2015, he and Hilton & Hyland colleague Drew Fenton secured the sale of a property on Birds Street to Calvin Klein for $25m. The property was also built  by Dean McKillen.

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