Music power couple Jay-Z and Beyoncé are flexing in the real-estate arena. The couple recently purchased what is reported to be one of the more expensive homes in the nation, for an undisclosed amount.
The home, located in Malibu, is 30,000 square feet, and real-estate experts believe the couple paid at least $200 million for the property. The purchase is said to be possibly the highest-paid home in California, breaking the previous record of $177 million. In addition, it could be the second most-expensive real estate purchase in the United States. The highest is an apartment sold for $238 million in New York City.
Hip-hop artist turned businessman Jay-Z has built his wealth not only through his music, but also Roc Nation, his entertainment company; his venture capital firm, Marcy Venture Partners; his collection of Jean Michel Basquiat art and his partnerships with Armand de Brignac champagne and D’Ussé cognac.
Singer, actress, entrepreneur and philanthropist Beyoncé has won more Grammy Awards than any other artist in history. Through her concerts, Beyoncé grosses over $2 million. Her recently launched Renaissance tour could rake in a whopping $2 billion. On top of this, her partnerships and endorsement deals with companies such as Adidas, which recently ended, and Netflix has made her one of the wealthiest celebrities.
Jay-Z and Beyoncé have a combined net worth of $2.5 million.
A Home On Malibu’s Billionaire Row
Designed by notable Japanese architect Tadao Ando, the high-end home is made of all concrete, and took 15 years to build. Ando also built Kanye West’s $57.3 million mansion he purchased during his divorce from Kim Kardashian.
Today, the home is perched on an eight-acre bluff that overlooks the Pacific Ocean in an area called Paradise Cove or Billionaire’s Row.
Other Real Estate Holdings
This is the couple’s second real-estate purchase in California. In 2017, Beyoncé and Jay-Z purchased their Bel-Air mansion for $88 million. Over the years, they have invested in renovating the home to increase its value to more than $100 million.
In addition to these two properties, the couple has a portfolio of real-estate holdings throughout the world. From apartments in New York City to a waterfront villa in Miami, the couple has acquired real-estate assets exceeding $350 million.
The couple owns a private island in the Bahamas that they purchased for $4 million and a mansion in the Hamptons called Pond House, bought for $26 million in 2017.
Individually, they also own properties. Beyoncé has a home in New Orleans valued at $2.6 million while Jay-Z owns a luxury apartment in New York City. He purchased the apartment in 2004 for $6.85 million, and it is now valued at $10 million.