'He did it to avoid taxes': Jay-Z and Beyonce paid $200M cash for Malibu mansion, Internet calls it 'smart move'
MALIBU, CALIFORNIA: The massive 'Bills, Bills, Bills' of Jay-Z and Beyonce's new Malibu estate in California were fully paid in cash. The popular couple paid $200 million for the mansion which is a 30,000-square-foot property, making it the costliest house ever bought in the state. The deal is also regarded as the second-most expensive in US real estate history since a New York City flat once sold for $238 million.
The Carters purchased the all-concrete home from William Bell, one of the world's largest art collectors, who took roughly 15 years to build the mansion, according to sources close to the real estate transaction, reported TMZ. The large home was designed by Tadao Ando, a master Japanese architect who also created the $57.3 million mansion that Kanye West purchased following his divorce from Kim Kardashian.
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What is Jay-Z's net worth?
As estimated by Forbes, the '99 Problems' rapper is worth $2.5 billion because of his successful liquor companies, Ace of Spades and D'Usse, his music catalog, and his collection of fine art, which includes works by Basquiat.
What is Beyonce's net worth?
Beyonce's projected net worth in 2022 was slightly under $500 million, according to Forbes, which attributed most of her wealth to her tours, music collection, and performances in big motion pictures.
How much is Bey expected to make from the Renaissance tour?
The R&B singer's 52-show, 20-city "Eras" tour is projected to bring in a staggering $1.6 billion, estimated Forbes. The forecasts imply an average ticket cost of $700 and are based on "the most optimistic assumptions of the number of fans buying tickets."
The Carters' other properties
The 'Love on Top' singer and the 'Run This Town' rapper has a sizable real estate portfolio in addition to their most recent purchase. the couple spent $88 million on a house in Bel-Air in 2017. The 'Upgrade U' performers spent $26 million for a house in the Hamptons in the same year, as per TMZ.
'He did it to avoid taxes'
The Internet has gone crazy after learning that the power couple paid a huge amount in cash with some fans calling it a "smart move." A user tweeted, "Million dollars or dinner with Jay-Z?" Another user quipped, "Needs to be me & bae." One user mentioned, "He did it to avoid taxes. He was sitting on a lot of cash and a big tax bill was coming. That’s how the rich stay rich. Something we need to learn." "Interest rates are too high right now, smart move," remarked a person. Some called the move "wasteful." A user said, "I don’t understand why celebrities spend their money this way. So wasteful."
He did it to avoid taxes. He was sitting on a lot of cash and a big tax bill was coming. That’s how the rich stay rich. Something we need to learn pic.twitter.com/RGHVxRsfMG
— Virility (@financemose) May 23, 2023
I don’t understand why celebrities spend their money this way.
— Thoughts of a Woman (@savingtradition) May 22, 2023
So wasteful