Jay-Z and Beyoncé buy in Los Angeles
Couple’s $52-million mortgage works out at $252,000 a month
LOS ANGELES — Jay-Z and Beyoncé have finally purchased a home in Los Angeles.
The rapper/hip-hop magnate and his pop superstar wife have bought a modern mansion in BelAir, according to sources.
The purchase price was $88 million US, public records show, making it one of L.A. County’s most expensive real estate deals.
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 a spa and fitness 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 two-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, son of Irish billionaire and property investor Paddy McKillen, who, four years ago, bought 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 of $52.8 million, records show, which amounts to 30 years of monthly payments at $252,075 based on an interest rate of four per cent. To put that into perspective, the monthly payment is about 40 per cent 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, real name Shawn Carter, has nearly two dozen Grammy Awards. Reasonable Doubt, The Blueprint and The Black Album are among his many hit records.
Beyoncé Knowles-Carter, winner of 22 Grammys, was 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.
The couple’s combined net worth is reportedly $1.16 billion.
Forecast includes a change of scenery
A Wallace Neff-designed home owned by retired L.A. 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 parents, Edwin Neff and Nettie McNally.
Steeped in character, the fivebedroom, four-bathroom 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 mahoganypanelled 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 halfacre lot.
Neff, an architect 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 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.
Grizzly Parsons finds a modern farmhouse
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, according to sources.
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 centre-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 pool in the backyard. The zero-edge pool has a Baja deck, a spa and colourchanging LED lighting.
The property had been listed for $12.5 million, records show.
Last off-season, Parsons, 28, agreed to a four-year maximum contract with Memphis worth a reported $94 million.
The six-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.
Eminen lists compound in declining Detroit
Detroit-based rapper Eminem is looking to find a buyer for his 5.7-acre compound in Oakland Township, Michigan, and he’s not afraid to take a hit on the low asking price of $1.999 million.
The rapper’s star power won’t be enough to overcome Detroit’s declining home values. Eminem bought the house in 2003 from a 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 panelling and a two-storey, 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.
Eminem, whose real name is Marshall Mathers, was the bestselling artist of the 2000s in the U.S., with hits such as Lose Yourself and Stan. He has a net worth of $210 million.
Rock star sells home where Chandler lived
It took just three weeks for Fleetwood Mac bassist John McVie to sell his home in L.A.’s Brentwood neighbourhood for its asking price of $2.995 million. He had bought the 1920s house three years ago for $2.535 million.
The Spanish-style house was briefly home to crime novelistscreenwriter 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 & Roll Hall of Fame with the band.
Chandler, who died in 1959 at 70, is known for his detective fiction writing. His works include The Big Sleep and The Long Goodbye.