Kim Kardashian takes out $48M mortgage to buy Malibu mansion with help from Britney Spears' infamous ex-business manager
MALIBU, CALIFORNIA: Kim Kardashian has reportedly taken out a $48.7 million mortgage in order to buy her $70.4 million clifftop mansion in Malibu. The 42-year-old influencer used Britney Spears' controversial ex-business manager Lou Taylor to handle the property deal.
The reality TV star got the funds from investment bank BNY Mellon, which offers customized mega-mortgages for ultra-wealthy clients and it helped close the sale on September 12, as per The Sun. However, the terms that Kardashian may have gotten on her mortgage are still vague. However, it is notable that the national average rate on 30-year fixed mortgages with jumbo balances was 5.56% according to the Mortgage Bankers Association, as per the Daily Mail. Thus, the concerning loan structure and rate would equate to monthly mortgage payments of more than $278,000 without taxes and insurance. However, the payments could also vary under different terms.
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The mansion is about 14 miles away from Kanye West's new home
The seaside mansion, which was previously owned by supermodel Cindy Crawford and her husband Rande Gerber, includes four bedrooms and five-and-a-half bathrooms inside more than 7,000 square feet. Plus, it is about 14 miles away from Kardashian's ex-husband Kanye West’s recently purchased abode that cost him around $57 million. The Medittarean-style villa was built in 1944 and had no takers after the previous owner listed the house for $99.5 million in March. Kardashian was able to grab the lavish home for a little over $70 million over the past year.
Kardashian used Britney Spears' controversial former business manager, Lou Taylor
According to the mortgage documents ascertained by the Sun, Kardashian is believed to be still using Brittany Spears' controversial former business manager, Lou Taylor, for assistance in real estate transactions. The corporation that was used to complete the acquisition of the stunning home, Look At God Re LLC, is reportedly enlisted at the same address as Taylor's management firm, Tri Star Sports and Entertainment Group. Tri-Star came currently under fire in the wake of Spears' conservatorship legal battle. The company has consistently denied the pop star’s claims that it mishandled her $60 million fortune during her father Jamie Spears' 13-year conservatorship. Not just Kim but the whole Kardashian clan has previously used Taylor and her firm to handle deals and despite the severe allegations from Spears, the company’s relationship with Kardashian continues to survive.
Who will Kim have as her neighbors?
The purchase of the Malibu mansion was reportedly handled by Jade Mills of Coldwell Banker in a private off-market transaction. It was Southern California’s sixth most expensive real estate transaction for 2022, according to the Los Angeles Times. The massive mansion stands invisible from the street and the property is surrounded by a hedge wall and a towering gate. It includes a gym, a large family room with an open patio that looks out on the ocean, a cabana, and a pool or jacuzzi. It also has a full-sized tennis court. After relocating, Kardashian will find Cindy Crawford, Leonardo DiCaprio, singer Neil Diamond, television producer Marcy Carsey, and former Disney CEO Michael Eisner as her neighbors.