Stars — they’re just like us! Jay-Z and Beyoncé take out conventional mortgage on Bel Air home
Couple’s monthly mortgage payments pencil out to $252K for 30 years
Even the king and queen of pop culture need a little help from their friends at the bank now and then.
Power couple Jay-Z and Beyoncé took out a conventional mortgage to help finance their new Bel Air spec mansion — amounting to an unconventional $52.8 million.
The amount equates to 30 years of monthly payments at $252,075, based on an interest rate of 4 percent, the Los Angeles Times reported.
For context, that’s an estimated $50,000 more than the U.S. median home value of $200,400, according to Zillow.
The couple, through blind trusts, paid $88 million total for their 30,000-square-foot compound, the L.A. Times reported, making it the highest sale of 2017 in L.A. County. The off-market transaction beat out the $85-million sale of David Geffen’s Carbon Beach compound in May.
It’s also L.A.’s fifth-largest sale of a single-family home, coming behind last year’s $100-million sale of the Playboy Mansion and the $90-million sale of the Owlwood estate.
Developed by Dean McKillen, son of Irish billionaire and property investor Paddy McKillen, the six-structure compound sits on two acres and has amenities such as spa and wellness facilities, media room and full-sized basketball court. McKillen purchased the property through an entity four years ago for $15 million. [LAT] – Subrina Hudson