The sale set the record as the most expensive home ever sold in California and the second most expensive real estate deal in the country, according to a TMZ report. The property was initially listed at $295 million. The publication noted that the couple is believed to have paid in cash.
Their new place is a 40,000-square-foot estate on eight acres overlooking the Pacific Ocean. It’s located in the exclusive Paradise Cove area and was designed by famed Japanese architect Tadao Ando, per Yahoo.
The concrete and glass Malibu estate took almost 15 years to build.
Beyoncé and Jay-Z purchased the home, which doubles as an art museum, from renowned art collectors William and Maria Bell. The outlet noted that the Bells are recognized as some of the most significant art collectors in the world.
According to TMZ, Jay-Z is worth an estimated $2.5 billion, while Beyoncé’s net worth is close to $500 million. Beyoncé just began her Renaissance tour in May with a show in Stockholm. This tour alone is expected to bring in a reported $1 billion.
The singer faced backlash for performing in Dubai in January because of the country’s strict anti-LGBTQ laws. She reportedly accepted $24 million for the concert, which was put on to celebrate the opening of a new hotel called The Atlantis Royal, per The Daily Wire.
“Beyoncé is a huge icon for many gay people,” LGB Alliance co-founder Bev Jackson told The Telegraph Sunday at the time. “LGB Alliance is deeply therefore disappointed that Beyoncé has agreed to give a lucrative concert in Dubai, where same-sex sex acts are a criminal offense, potentially punishable by death.”
Fans called the singer’s actions hypocritical because she spoke about her gay uncle during an acceptance speech at the 2019 GLAAD Media Awards.
“Witnessing his battle with HIV was one of the most painful experiences I’ve ever lived,” Beyoncé said of her relative. “I’m hopeful that his struggles serve to open pathways for other young people to live more freely. LGBTQI rights are human rights.”