realestate

Beyoncé and Jay-Z Secure $88M Mortgage on Luxury Estate

However, I don't see a subheading provided. Please share the text you'd like me to rewrite, and I'll be happy to assist!

B
eyoncé and Jay-Z, one of the most powerful couples in music, have a mortgage on their Bel Air mansion. The couple took out a $57.75 million loan from Morgan Stanley's Private Banking Division in April, with a 5% interest rate for the first 10 years.

    This isn't the first time they've refinanced their home. In 2017, they borrowed $52.8 million to buy the $88 million property, and again in 2021 for the same amount. The total borrowing on the property now exceeds $110 million.

    Their Bel Air mansion is an impressive eight-bedroom estate with six interconnected structures, four outdoor pools, a spa, and a wellness center. It also features bulletproof windows, a basketball court, and a 15-car garage. The annual property tax bill alone totals over $1.2 million, with monthly mortgage payments exceeding $637,000.

    Despite the hefty expenses, their continued success is not in question. Beyoncé's recent tour has earned her over $400 million, and they may use the extra cash from refinancing to offset high interest rates or invest in other properties.

    The couple's real estate portfolio includes a Malibu mansion purchased for $200 million in 2023, which broke California's state record for the most expensive home. They also own a Tribeca penthouse, an East Hampton estate, and multiple other properties on both coasts where they can raise their kids.

Beyoncé and Jay-Z secure $88M mortgage on luxurious California estate property.