When people think of power couples, Jay-Z and Beyoncé easily take the crown, ruling with a net worth of $3 billion.
These two know a thing or two about making waves, and their latest move is nothing short of jaw-dropping - a $200 million splurge. They're not just keeping up with the Joneses; they're leaving them in the dust on their way to the lap of luxury.
In May it was reported that the couple purchased a spacious 40,000-square-foot Malibu, California, mansion overlooking the Pacific Ocean. While the property initially was listed for $295 million, the couple negotiated a discount, reportedly paying around $200 million for their new home in the exclusive neighborhood often referred to as Billionaires' Row.
Breaking Records
TMZ was the first to break the news, highlighting that this sale sets a new record for the highest home price in California and ranks as the second most expensive residential sale in the entire United States. It falls just shy of the record held by a $238 million penthouse in New York, which was sold back in 2019.
The previous record for the most expensive home in California was set in October 2021 when a neighboring property sold for $177 million to venture capitalist Marc Andreessen. Amazon.com Inc.
Jay-Z and Beyoncé's new Malibu mansion, described as an architectural masterpiece, took 15 years to construct. It was designed by renowned Japanese architect Tadao Ando, who is also responsible for designing Kanye West's house in Malibu.
The mansion is adorned with large glass panels, allowing an abundance of natural light to illuminate the interiors.
Luxury
While images of the estate remain scarce, previous owners Bill and Maria Bell, creators of "The Bold and the Beautiful" soap opera, possessed a remarkable art collection featuring notable works by esteemed artists such as Jeff Koons, Andy Warhol, Damien Hirst and Marcel Duchamp. The all-white fortress-like structure showcases an L-shaped layout with concrete hallways. The polished pervious concrete driveway, constructed by Pacific Pervious Concrete, spans 22,500 square feet.
This is not the first time that Jay-Z and Beyoncé have invested heavily in real estate. In August 2017, they purchased a sprawling 30,000-square-foot compound in the Bel Air neighborhood of Los Angeles for $88 million, securing a $47 million discount from the original listing price. Despite their $100 million budget, the couple was determined to find the perfect Los Angeles residence.
Just a month later, they acquired a waterfront estate in the Hamptons in New York for $26 million. At the time, sources described it as a "very good price" for the 12,000-square-foot home on a 2.1-acre lot.
Rise of Smart Homes
The world's elites are often spending tens of millions for houses fitted with the latest technology and designed by leading artists. But with this, the rise of the everyday smart home continues to grow in the background. The tech giants of the world have largely democratized smart home technology with Amazon's Alexa available to anyone for only about $50. Other startups, like RYSE Smart Shades, have seen substantial traction, including raising millions from retail investors.
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