BEYONCE AND JAY-Z PAY RECORD $200m FOR MALIBU MANSION
▶ Sachin Tendulkar invests in an Indian engineering and technology company, while Ariana Grande’s beauty line draws new investors, writes Keith Fernandez
Billionaire couple Beyonce and Jay-Z set a new price record for real estate in California last week with the purchase of a $200 million oceanfront mansion in Malibu.
The purchase eclipses the previous state record of $177 million. The couple paid cash for the 2,780-square-metre home, according to celebrity news website TMZ.
The property is the second-most expensive in the US after hedge fund billionaire Ken Griffin paid $238 million for a penthouse in South Central Park, New York, in 2019.
Beyonce and Jay-Z have a combined net worth slightly under $3 billion, according to estimates by Forbes magazine.
The Break My Soul singer, 41, had a net worth of $450 million at the end of last year, according to Forbes. She has sold more than 100 million records as a solo artist, not counting the 60 million sold as part of the group Destiny’s Child.
The 32-time Grammy winner earns an estimated $80 million in the years she goes on tour.
Her current Renaissance World Tour could generate between $275 million and $2.4 billion in gross revenue, surpassing all her previous concerts combined, according to projections by Forbes.
Besides performance fees, the singer could also take home a share of the production revenue. She is the owner and chief executive of Parkwood Entertainment, the company that manages the tour.
An indication of the kind of money Beyonce commands came in 2019, when she signed a three-project deal with Netflix reportedly worth $60 million.
The singer also earns from endorsements for brands such as Pepsi, L’Oreal, Samsung, and American Express, as well as a line of fragrances that has grossed more than $500 million in revenue since 2010, according to Celebrity Net Worth.
In recent years, she has taken stakes in start-ups such as Lemon Perfect beverages, French handbags brand Destree and concert merchandise app Sidestep.
This month, she hinted at the launch of a haircare brand in a post on Instagram.
Jay-Z, 53, was the only rapper on Forbes’s annual billionaires list released last month.
The Empire State of Mind hitmaker has a net worth estimated at $2.5 billion, derived from music sales and business investments.
Besides record sales of more than 100 million, Jay-Z’s main sources of revenue have been his beverage start-ups and investments, including the Armand de Brignac and D’Usse brands, and streaming service Tidal. In recent years, he has sold controlling stakes in all three to corporations, including LVMH, Bacardi and mobile payments company Square.
As the founder of Macy Venture Partners, his other investments include blockchain platform Alchemy, wellness company Therabody and alternative meat company Impossible Foods, according to investor website Crunchbase.
He has also exited investments in mobile apps Uber and JetSmarter, which probably boosted his fortune by more than $1 billion from 2022, when Forbes put his net worth at $1.4 billion.
Jay-Z also co-owns entertainment agency Roc Nation with concert business Live Nation.
Together, Beyonce and Jay-Z own at least $350 million worth of property in the US. These include an $88 million home in Bel Air, according to The Wall Street Journal.
They also have a $26 million mansion in the Hamptons, New York, according to Celebrity Net Worth. In addition, they own a $4 million private island in the Bahamas.
Sachin Tendulkar
Former Indian cricketer Sachin Tendulkar has made a strategic investment in Azad Engineering, the ANI news agency reported.
The Indian company provides engineering and technology solutions for global equipment manufacturers in the energy, defence and aerospace sectors.
The size of the cricketer’s stake was not disclosed.
With the investment, the company will be able to contribute to India’s goal of expanding its economy under the government’s “Make in India” and “Aatmanirbhar Bharat” initiatives.
Tendulkar, 50, has a net worth of $200 million, according to Celebrity Net Worth. The record-holder for the highest number of runs is one of the world’s richest cricketers.
Tendulkar has owned restaurants in his home city of Mumbai and Bengaluru.
He has endorsed a host of brands since the start of his career, including Coca-Cola, Visa, adidas, MRF Tyres and Aster Pharmacy. Since he retired in 2013, he remains the face of more than a dozen brands. In recent years, he has made equity investments in a number of Indian companies. Among them are smart devices brand Smartron, used car start-up Spinny and gaming platform JetSynthesys.
Ariana Grande
Singer Ariana Grande’s r.e.m. beauty label has drawn new funding from investors amid plans to create new products and further expand into international markets.
The round was led by consumer-focused private investment company Sandbridge Capital and includes Strand Equity, as well as long-term Grande collaborators Hybe America, Live Nation Entertainment and the Universal Music Group.
“This has been a truly inspiring time for me as a founder, turning my passion for art, self-expression and make-up into reality and watching r.e.m. beauty find its wings, especially now during this new era for the brand,” Grande said.
She founded r.e.m. beauty in 2021 as a line of clean cosmetics following a licensing agreement with Forma Brands. The award-winning vegan, cruelty-free label aims to offer an inclusive range of shades and products and is newly Peta-certified.
Earlier this year, Grande agreed to acquire the physical assets for r.e.m. beauty for an estimated $15 million from Forma as it filed for Chapter 11 Bankruptcy.
The company had already parted ways with the singer, according to Bloomberg.
Grande, 29, has a net worth of $240 million, according to Celebrity Net Worth.
Grande has had a 14-year career and is one of the world’s highest-paid entertainers.
With more than 90 million records sold so far, she is also one of the most streamed artists of all time.
She started as a Broadway actor and appeared on TV shows, including Victorious and Sam & Cat, and in the film Don’t Look Up. In a typical year, she earns between $20 million and $30 million.
The Thank U, Next singer has entered into partnerships with brands such as
Mac Cosmetics, Starbucks, Givenchy, Reebok, T-Mobile and Apple. Her equity investments include the bottled water brand Wat-aah!
She owns at least three properties in California, including two homes in the Hollywood Hills, and a historic $6.75 million villa in Montecito, according to Architectural Digest.
Antoine Greizmann
French football forward Antoine Greizmann has joined a €20 million ($21.5 million) funding round in trainer retailer Wethenew.
Also taking part in the round are Dubai-based Chalhoub Ventures & Acquisitions, C4 Ventures, Athletic Ventures and Singular.
Griezmann, 31, has a net worth of $90 million, according to Celebrity Net Worth.
Last October, the footballer signed a new contract worth up to €20 million (including bonuses) with Atletico Madrid, following an agreement reached last year with Barcelona.
The France international has five equity investments, according to Crunchbase. These include the digital football card company Sorare and mental health platform Moka.care.
This month, he joined a €17 million funding round into Barcelona burger brand Vicio.
The father of three reportedly owns a $6 million property with six bedrooms in the luxury residential area of La Finca in Madrid.