Jay-Z and Beyoncé drop $200 million on Malibu mansion, setting a record in California
This 40,000 square foot estate with an ocean view, located in the upscale community of Paradise Cove, was recently purchased by Beyoncé and Jay-Z.(Earth on Google)A Staff Writer for Jack Fleming May 19, 2023, 2:13 PM PTFacebookTwitterExplain other sharing choices
According to TMZ, Jay-Z and Beyoncé recently broke the price record in California by paying $200 million for an eye-catching concrete estate in Malibu that overlooked the ocean.
It’s by far the most that has ever been paid for a house in the Golden State. The record was taken from the hip-hop power couple by billionaire venture capitalist Marc Andreessen, who in 2021 paid $177 million for the house next door.
William Bell, an art collector, created the minimalist masterpiece of a house out of concrete and glass, which he purchased for $14.5 million in 2003. He enlisted the help of Pritzker Prize-winning Japanese architect Tadao Ando, who has created stunning concrete buildings in Asia, Europe, and North America, for the design.
The L-shaped estate opens to expansive, open rooms defined by concrete passageways and floor to ceiling glass walls, showcasing his signature design. Patios around rear lead to a level, green lawn set on a cliff overlooking the ocean below, as well as a swimming pool and cabana.
Jay-Z and Beyoncé just purchased a complex created by Japanese architect Tadao Ando.(Earth on Google)MARKETING
Contractor Morley Construction Co. estimates that 7,645 cubic yards of concrete were needed to build the roughly 40,000-square-foot mega-mansion.
There aren’t many pictures because the house was never listed. Rather, it was made silently available for $295 million as a pocket listing, which implies that only a small number of eligible purchasers saw it.
For years, there have been rumors regarding the property, with some Reddit users comparing the monolithic design to the lair of a supervillain.
The landmark agreement reshapes Southern California’s luxury market, which has slowed down this year due to the intensely competitive national real estate market. It’s also another feather in the cap for Paradise Cove, the affluent enclave that has grown to become one of the most valuable landmasses in the nation.
The Paradise Cove mansion of WhatsApp co-founder Jan Koum was purchased for $87 million in 2021, and millionaire Tamara Gustavson, the heir of Public Storage, listed it for $127.5 million last year. There, a modest mobile house sold for $5.3 million in 2016.
It appears Jay-Z and Beyoncé have a type. They spent $88 million in 2017 for a house in Bel-Air that looked identical and was made up of six buildings encircled by large patios and terraces.
According to TMZ, Kurt Rappaport of Westside Estate Agency handled the transaction on both sides. We tried to contact him on Friday but were unable.