Jay-Z and Beyoncé drop $200 million on Malibu mansion, setting a record in California
Jay-Z and Beyoncé just shattered California’s price record, paying $200 million for a striking concrete compound overlooking the ocean in Malibu, according to TMZ.
It’s the most ever paid for a home in the Golden State — by a mile. The hip-hop power couple stole the record from their new neighbor, billionaire venture capitalist Marc Andreessen, who paid $177 million for the home right next door in 2021.
The house is a minimalist masterpiece, a modern concoction of concrete and glass envisioned by art collector William Bell, who bought the property for $14.5 million in 2003. For the design, he brought in Japanese architect Tadao Ando, a Pritzker Prize winner responsible for impressive concrete structures across Asia, Europe and North America.
His style is on full display here, as the L-shaped mansion opens to vast, open spaces marked by concrete hallways and floor-to-ceiling walls of glass. Out back, patios lead to a swimming pool, cabana and a flat, grassy lawn perched on a cliff overlooking the beach below.
The mega-mansion spans nearly 40,000 square feet and required 7,645 cubic yards of concrete, according to Morley Construction Co., the project’s contractor.
Photos are scarce, as the house never hit the market. Instead, it was quietly offered at $295 million as a pocket listing, which means it was shown only to a select group of qualified buyers.
Rumors about the property have swirled for years, with several Reddit users likening the monolithic design to a supervillain’s lair.
The historic deal redefines the luxury market in Southern California, which has slowed down so far this year in the wake of the red-hot pandemic housing market. It also marks another feather in the cap for the affluent enclave of Paradise Cove, which has emerged as one of the most valuable stretches of land in the entire country.
WhatsApp co-founder Jan Koum paid $87 million for a Paradise Cove home in 2021, and billionaire Public Storage heir Tamara Gustavson put her place on the market last year for $127.5 million. In 2016, a tiny mobile home there traded hands for $5.3 million.
It appears Jay-Z and Beyoncé have a type. In 2017, they paid $88 million for a similar-looking mansion in Bel-Air composed of six structures surrounded by expansive patios and terraces.
Kurt Rappaport of Westside Estate Agency handled both ends of the deal, TMZ reported. He could not be reached Friday for comment.
This story originally appeared in Los Angeles Times.