Beyoncé and Jay-Z have shattered California’s real estate price record with the purchase of a sprawling 40,000-square-foot mansion that overlooks the Pacific Ocean.
The musical power couple reportedly paid $200 million for the property in Malibu, surpassing the previous record set by billionaire venture capitalist Marc Andreessen, who spent $177 million on the neighboring residence in 2021.
According to sources cited by TMZ, the minimalist concrete and glass structure was originally purchased for $14.5 million in 2003 by the art collector William Bell. The former owner enlisted the Japanese architect Tadao Ando, a recipient of the prestigious Pritzker Prize, to transform the L-shaped mansion with expansive hallways and an open floor plan over 15 years.
The rarely photographed property — which boasts patios leading to a swimming pool, a cabana and a sprawling, lush lawn perched on a cliff overlooking the beach — consists of six distinct structures and is located in the affluent Paradise Cove enclave, known as Billionaires’ Row.
Beyoncé and Jay-Z snatched the property at a steep discount. It was initially offered as a pocket listing for $295 million, exclusively shared with a select group of qualified buyers.
In 2017, the couple acquired a similar mansion in Bel-Air for $88 million.
Kurt Rappaport from Westside Estate Agency represented both the seller and buyers in the most recent transaction, TMZ reported.
Ando is also designing a home for Kanye West in Malibu.