After two years of house-hunting, music and business moguls Beyoncé and Jay Z have paid $A111 million for their first Los Angeles family home.
The off-market transaction is the biggest real estate deal for the Los Angeles County this year – topping designer Tom Ford’s $107 million buy – and the sixth-highest ever for a single family home in the area.
But despite their net worth being estimated by Forbes at $1.46 billion, the power couple reportedly used conventional financing to buy the property.
According to the Los Angeles Times, Beyonce, 35, and Jay Z, 47, now have a mortgage of nearly $67 million. Monthly repayments? Around $319,278.
That will give them some financial relief from the $506,000-a-month they’ve been forking out for a 10-bedroom, 14-bathroom rental home in Malibu since the June birth of twins Sir and Rumi.
And surprisingly, they sound like they’re getting bang for their buck on the new place.
Made up of six structures, the Bel Air compound has around 3000 square metres of interior space. Features include spa and wellness facilities, bulletproof glass and four swimming pools.
Describing it as “a monolithic-vibe modern mansion”, the Los Angeles Times reported the gated home sits in large grounds, has a media room, separate staff quarters and full-sized basketball court.
The property last changed hands four years ago for US$15 million [$A19 million], but has since been developed further.
With daughter Blue, 5, starting school this northern autumn, the family was keen to put down roots, but had been frustrated in their search since moving from New York in 2015.
With a budget reported to be $126 million, the couple toured “every luxurious mansion on and off the market” – including the former Aaron Spelling mansion – but couldn’t find anything perfect for their needs, a source told People magazine.
They weren’t renting a string of luxury places for the fun of it, said the source.
The star pair came close to buying a couple of other places but were repeatedly outbid.
Their first choice was a sprawling Beverly Hills manor with a retractable glass wall in the living room, an infinity pool with views of all Los Angeles, a car gallery and “state-of-the-art home theatre with a door covered in lizard skin,” reported CNBC.
The couple toured the house “multiple times,” said a source, but were outbid by Minecraft creator Markus Persson.
Last year they were foiled in their bid for a 10-bedroom traditional home in Beverly Hills.
Confirmation of the big buy came after Jay Z, whose real name is Shawn Carter, broke his silence on the infamous stoush he had with sister-in-law Solange Knowles in a lift at New York’s Standard Hotel after the 2014 Met Gala.
Security camera footage leaked to TMZ showed Knowles, 31, kicking, punching and lashing out at Jay Z.
“We had one disagreement ever,” he told a US radio station. “Before and after we’ve been cool.”
Added the rapper: “She’s like my sister. I will protect her. It just so happens, who we are, these things go into a different space.
“But it ain’t nothing.”