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Jay-Z and Beyoncé have made a splash in the real estate market this year with the massive purchase of a $200 million mansion in Malibu, marking the priciest deal to ever close in the state of California and the most an African American buyer has ever paid for a home in the U.S., TMZ first reported on Friday.
The property purchased by the celebrity power couple at 27712 Pacific Coast Highway encompasses nearly six acres of land. Bill Bell Jr., an art collector and son of Bill Bell and Lee Phillip Bell, creators of soap operas Bold and Beautiful and The Young and The Restless, was the seller.
Kurt Rappaport of Westside Estate Agency represented both the buyers and the seller.
The 40,000-square-foot, concrete estate was designed by acclaimed Japanese architect Tadao Ando, who is also currently working on a property with Kanye West, according to The Daily Mail (although the project has been postponed and fallen into disrepair). The grounds feature a private beach and infinity pool. The last time the property sold was for $14.5 million in 2013.
Prior to this sale, the priciest home ever to be sold in California was a seven-acre Malibu estate purchased by venture capital investor and software engineer Marc Andreessen for $177 million in 2021. Before that, Jeff Bezos’s 2020 purchase of a $165 million Beverly Hills property was the state’s priciest deal.
The priciest real estate deal ever closed in the U.S. was hedge-fund manager Ken Griffin’s purchase of a $238 million Central Park penthouse in 2019.
In October 2022, media mogul Byron Allen purchased a Malibu estate previously owned by self-storage magnate Tammy Hughes Gustavson for $100 million, marking the most money an African American buyer has ever paid for a home in the U.S.
The Bell family has made a number of significant deals in Southern California in recent years, including their sale of the Beverly Hills Post Office estate to LeBron James for about $39 million in 2020 and their sale of a roughly $18 million property in Malibu Colony the same year.
Jay-Z’s net worth is $2.5 billion and Beyoncé’s net worth is $450 million, according to Forbes. The couple owns numerous properties across the U.S., including a $88 million Bel Air mansion and a $26 million East Hampton mansion.
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- Source: https://www.inman.com/2023/05/22/beyonce-jay-z-obliterate-california-record-with-200m-home-purchase/
