Billionaire Kardashian family borrowed $132M to fund lavish real estate empire
LOS ANGELES, CALIFORNIA: Even though the Kardashian family is among the wealthiest in the world, they have large mortgages on their mega-mansions, which are worth $132 million in total. According to a recent report, Kim Kardashian and company, who are worth over a billion dollars, have loaded their luxurious mansions with significant amounts of debt.
Last month, The US Sun revealed that Kim took out a $48 million mortgage on the $70 million Malibu home she bought in September and is currently renovating. Yet, this is only the tip of the iceberg as mother Kris Jenner and sisters Kylie Jenner, Kourtney Kardashian, and Kendall Jenner have also loaded their opulent properties with significant debt.
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Keeping up with the loans
The five members of the family have taken out a total of $132,725,500 in loans, per property records reviewed by The US Sun. While records indicate that Kris paid completely for her most recent $20 million home in Hidden Hills, which served as her primary residence for years and was featured prominently on 'Keeping Up With The Kardashians', the same cannot be confirmed for the $4 million property she purchased in 2010.
Momager Kris took out loans totaling $2.4 million in October 2015 and $2.11 million in March 2018, then she significantly upped her borrowing. In August 2018, she first obtained a $7.25 million loan. Nevertheless, it was replaced the following month by a new deal for a massive $40 million loan made through the firm Crosswind Venture Fund, which is 10 times more than she had spent on the home. Later, in January 2019, she loaned $5.2 million, and another $5.25 million in June of the same year, as per property documents. This increased Kris' loan amount to $62.21 million, which was backed by the house and her other assets.
Big debts of Kardashians
In contrast to Kylie, who purchased a magnificent six-bedroom property in Holmby Hills for $36.5 million in April 2020, records indicate that Kris has the most complicated financial situation of the Kardashians. The purchase was handled by Lou Taylor, a contentious business manager who has handled some of the family's most recent real estate deals despite her ties to Britney Spears.
With everything happening, Kourtney has been living at her nine-bathroom, six-bedroom Calabasas home for eight years, paying $7.45 million in February 2014. She obtained two deeds of trust the following year, one in January for $5.2 million and the other for $5.19 million, for a total of $10.39 million, both handled by financial expert, Lester Knispel.
On the other hand, Kendall is the last member of the family to have obtained a mortgage. She paid $8.55 million for her five-bedroom, six-bath Beverly Hills home in August 2017 and loaded it up with $4.625 million in debt, which was also handled through Knispel.
Who is the richest in the Kardashian family?
The family of Kardashian-Jenner is well-known. Kim is now officially a billionaire with $1.4 billion net worth, according to Forbes. In addition to her reality show, sponsorship deals, and several other minor investments, the business journal listed Kim's companies KKW Beauty and SKIMS as major sources of her wealth.
Kim sold a portion of her cosmetics company for $200 million in June 2020. She is the company's majority owner, and Forbes pegs the value of her ownership at roughly $500 million. Although Kim and Kanye West have now divorced, the revelation of her billionaire status has surfaced and shed light on the couple's collective belongings. Forbes estimates that the couple's combined assets total $70 million, including many mansions, $5 million in works of art, $3.2 million in jewels, and $300,000 in livestock.