After what was reported to be a long search, Beyoncé and Jay Z have finally bought a luxurious home in Los Angeles for their growing family and it turns out they’re just like normal people — taking out a huge mortgage on their new home.
According to the Los Angeles Times, the couple paid $88 million for a sprawling Bel Air spec home in an off-market deal, for which they had to take out a $52.8 million mortgage despite being worth more than $1 billion combined.
The sale is the highest home sale in Los Angeles this year so far, surpassing the $85 million music mogul David Geffen netted for his home in the uber exclusive Carbon Beach.
However, it wasn’t enough to knock the Playboy mansion off its perch as the joint most expensive sale of all time when Hugh Hefner sold it to his next-door neighbor last year for $100 million.
In fact, Beyoncé and Jay Z’s property deal is the sixth most expensive single-family home sale in L.A.’s history and it also might soon be dwarfed as a $350 million Bel Air mansion has just hit the market.
So what does $88 million actually get you in tony Beverly Hills? Developed by Dean McKillen, the contemporary manse, which sits on two acres of land, is made up of four separate structures and boasts 30,000 square feet of living space. It has not one but four outdoor swimming pools, a wellness center, a full-sized basketball court and staff quarters.
The power couple has been spending the summer at a $400,000-a-month Malibu rental where Beyoncé posted her first Instagram picture of their newborn twins — Rumi and Sir Carter. They already have a five-year-old daughter, Blue Ivy.