Nowadays, it's very common for young families to rent for a while before making the plunging into the real estate market. Renting for a while is a very reasonable move. It's a low pressure way to wait for the perfect opportunity to make a move. Every free moment is spent visiting open houses. You constantly scrimp and save that down payment. And just like any average young couple, when Beyonce and Jay-Z recently decided that they might want relocate their family to Southern California, they decided to test the waters for a bit. So instead of plunging head first into the shark-infested Southern California real estate market, Bey and Jay found a nice little temporary rental.
But unlike any average young couple, when Beyonce and Jay-Z rent, we're not talking about a $5000 a month 3-4 bedroom house. Bey and Jay have been spending the summer in a palatial Holmby Hills mansion, located a few doors down from Petra Ecclestone and Hugh Hefner, that costs $200,000 a month! Well, apparently Mr. and Mrs. Carter loved their summer in LA and are ready to find a permanent house of their own. Or maybe they were just sick of having a landlord. The Carter family has reportedly made several weekend stops to visit an absolutely stunning Beverly Hills mansion. Asking price? $85 million.
I have to say, I've lived in LA for almost 10 years and I've honestly never seen anything like this house before. Located on a one acre lot up in the hills of Beverly Hills, this newly-built 23,000 square foot mansion absolutely redefines ultimate luxury living. The house that was on this lot previously was bought in 2012 for $12.6 million, then torn completely down to the ground to make way for this new masterpiece. My words don't do it justice. Watch this video that the real estate firm listing the house just released. Make sure you see the elevator-activated garage at 2:40. Unreal.
In case you were wondering, if Beyonce and Jay put 20% down, their monthly mortgage payment will be $417,000. In order to get their monthly payment lower than their current rental, they would need to come up with a down payment of $62 million. Actually that's not even true because we haven't even talked about property taxes. In California, annual property taxes are 1% of the home's purchase price. I this case, that's $850,000 per year. That's $71,000 per month just for property taxes! Not that it matters for a couple whose combined net worth is $1 billion.
