Jay-Z and Beyoncé put down roots in L.A. with $88-million splash
The “will they or won’t they” debate is over: Jay-Z and Beyoncé have finally bought a home in L.A.
The rapper/hip-hop magnate and his superstar wife have bought a modern mansion in Bel-Air, according to sources not authorized to comment publicly on the deal. The purchase price was $88 million, public records show, among the most expensive real estate deals historically in L.A. County.
Completed this year, the monolithic showplace comprises six structures with about 30,000 square feet of interior space. Expansive patios and terraces create an additional 10,000 square feet of living space outdoors.
Amenities include spa and wellness facilities, a media room and four outdoor swimming pools. Glass-walled common areas open on two sides to access panoramic views. The pocketing glass doors and windows are bulletproof.
Also within the approximately 2-acre compound is a full basketball court and separate staff quarters. There is garage space for 15 vehicles as well as a motor court and an area for staff parking.
The home was developed by Dean McKillen, the son of Irish billionaire and property investor Paddy McKillen, who four years ago purchased the property through a corporate entity for $15 million.
The new development was never publicly offered for sale but carried an asking price of $135 million.
The couple are carrying a mortgage amount of $52.8 million, records show, which amounts to 30 years of monthly payments at $252,075 based on an interest rate of 4%.
To put that into perspective, that’s roughly 40% of the July median sales price — $610,000 — for single-family homes in Los Angeles County, according to CoreLogic. It’s also about $50,000 more than the U.S. median home value of $200,400, according to Zillow.
Jay-Z, whose legal name is Shawn Carter, is considered among the greatest performers in hip-hop, with nearly two dozen Grammy Awards to his name. “Reasonable Doubt,” “The Blueprint” and “The Black Album” are among his many hit records.
Beyoncé Knowles-Carter, winner of 22 Grammys, gained fame as a member of Destiny’s Child before striking out on her own to become one of the world’s bestselling solo artists. Her most recent album, “Lemonade,” has sold more than 2.5 million copies worldwide.
Their combined net worth is reportedly $1.16 billion.
Chandler haunt moves at quick clip
It took just three weeks for Fleetwood Mac bassist John McVie to sell his home in Brentwood for its asking price of $2.995 million. He had purchased the 1920s house three years ago for $2.535 million.
But McVie wasn’t the property’s first brush with fame. The Spanish-style house was briefly home to crime novelist-screenwriter Raymond Chandler in the early 1940s.
Set on a tree-lined street, the 2,200-square-foot house features original details, interior arches and French doors that open to front and rear gardens.
In the living room, decorative tile surrounds the wood-burning fireplace. There are two bedrooms and 2.5 bathrooms.
A newer guesthouse/studio has heated concrete floors and walls of glass.
McVie, 71, joined Fleetwood Mac in the late 1960s and was inducted into the Rock and Roll Hall of Fame with the band. “Go Your Own Way,” “Rhiannon” and “Don’t Stop” are among their hits.
Chandler, who died in 1959 at 70, is known for his detective fiction writing. Among his works are “The Big Sleep,” “Farewell, My Lovely” and “The Long Goodbye.”
Marcie Hartley of Hilton & Hyland, an affiliate of Christie’s International Real Estate, was the listing agent. Brad H. Pieper of Teles Properties represented the buyer.
His forecast includes a change of scenery
A Wallace Neff-designed home owned by retired weathercaster Johnny Mountain and his wife, Martha, is for sale in Pasadena for $3.749 million.
Set along a stretch known as Millionaires’ Row, the Mediterranean mission-style house was built in 1927 for Neff’s own parents, Edwin Neff and Nettie McNally. Steeped in character, the five-bedroom, four-bedroom house has a clay-tile roof, arched windows and hand-carved details. Eaves, terraces and a loggia promote passive cooling — a design signature of the architect.
A circular foyer dressed in black and white marble sits just beyond the front door and has a spiral wrought-iron staircase. The entry opens to a formal living room with a grand fireplace and carved surround. A mahogany-paneled library adjoins the living room and has an elevator. The kitchen, updated in 2010, has an island and a pass-through with a wine chiller. There is nearly 5,200 square feet of living space.
Saltillo tile and lawn surround the swimming pool and spa in the backyard. A pavilion, gardens and a detached garage fill out the half-acre lot.
Neff, an architect to the stars during Hollywood’s Golden Age, designed homes for Mary Pickford and Douglas Fairbanks, Charlie Chaplin, Cary Grant and Greta Garbo. His designs have continued to attract today’s stars, including Brad Pitt, Madonna and Diane Keaton.
Mountain, a familiar face in L.A.’s news scene, worked as a weathercaster for both KABC-TV and KCBS-TV. He retired from KCBS in 2010.
He has owned the property for more than two decades, records show.
Carrie Benuska of John Aaroe Group holds the listing.
His new den lies on the Westside
Memphis Grizzlies forward Chandler Parsons has found a new spot to spend his off-season, buying a home in Bel-Air for $10.9 million.
The modern farmhouse, developed by Justin Barth of Barth Partners, was completed this year and has six bedrooms and seven bathrooms in more than 9,100 square feet of living space.
Features include dark wood floors, contemporary ironwork and five fireplaces. The family room is equipped with a wine cellar, wet bar and bi-folding doors that lead to patio space and a fire pit. A center-island kitchen, living and dining rooms and a den are among the other common areas.
The master suite has a boutique-inspired closet.
Lawn and pavers surround the swimming pool in the backyard. The zero-edge pool has a baja deck, a spa and color-changing LED lighting.
The property had been listed for $12.5 million, records show.
Aaron Kirman of John Aaroe Group and Drew Fenton of Hilton & Hyland were the listing agents. Farrah Aldjufrie and Melissa Platt of the Agency represented the buyer.
Last off-season, Parsons, 28, agreed to a four-year maximum contract with Memphis worth a reported $94 million. The 6-foot-10 forward battled injuries in his first season with the Grizzlies and finished the year with averages of 6.2 points and 2.5 rebounds in 34 games.
On the losing end of it
Detroit rapper Eminem is looking to find a buyer for his 5.7-acre compound in Oakland Township, Mich., and he’s not afraid to take a hit on the low price tag of $1.999 million.
The rapper’s star power won’t be enough to overcome Detroit’s declining home values; he originally bought the house in 2003 from the former CEO of Kmart for $4.8 million, according to CBS Detroit.
Built in 1986, the five-bedroom home boasts 17,500 square feet of living space spread across 22 rooms.
The interior features wood paneling and a two-story, 1,500-square-foot entertainment room. The compound has 8.5 bathrooms and a three-car garage.
Highlights of the sprawling grounds include a pool and spa area, guardhouse, groomed pond and tennis court.
Mark Marangon of Coldwell Banker Weir Manuel-Bir holds the listing.
Eminem, whose real name is Marshall Mathers, was the bestselling artist of the 2000s in the U.S., with massive hits such as “Lose Yourself” and “Stan.” His net worth of $210 million ranks him as the sixth richest rapper in the world, ahead of artists such as Usher, 50 Cent and Kanye West.