Friday 23 February 2018

Beyoncé and Jay Z take out €44m mortgage for mansion

Beyonce. Photo: GETTY
Beyonce. Photo: GETTY
Ronald Quinlan

Ronald Quinlan

The next time you feel like complaining about the size of your mortgage, you might want to spare a thought for Beyoncé 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. But with Beyoncé 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, LA real-estate agents and luxury home 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. Beyoncé and Jay Z's new home is located in Bel Air's exclusive East Gate area.

Designed by Irish architect Paul McClean, it has eight bedrooms, 11 bathrooms, four swimming pools, a basketball court, patios, a recording studio, a spa, staff quarters and limestone floors.

It also has garage space for 15 vehicles, as well as a motor court and an area for staff parking.

Irish Independent

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