Beyoncé and Jay-Z spend $200 million for a Malibu property, establishing a California record

According to TMZ, Beyoncé and Jay-Z have made headlines by shattering California’s real estate price record, dishing out a whopping $200 million for a stunning concrete mansion perched above the Malibu shoreline.

This lavish purchase marks the highest-ever sum paid for a property in California, surpassing their new neighbor Marc Andreessen, a billionaire venture investor, who spent $177 million on the neighboring mansion back in 2021.

The residence itself is a work of minimalist art, skillfully blending concrete and glass into a contemporary masterpiece. It was originally acquired by art collector William Bell in 2003 for a mere $14.5 million. Bell collaborated with the renowned Japanese architect Tadao Ando, a recipient of the prestigious Pritzker Prize, celebrated for his exceptional concrete structures found across Asia, Europe, and North America.

The L-shaped layout of the home unfolds to reveal vast, open spaces defined by concrete passages and floor-to-ceiling glass walls, showcasing Ando’s distinctive architectural flair. The backyard boasts patios that lead to a pool, cabana, and a pristine, level lawn situated on a cliff with breathtaking views of the ocean below. Over the years, rumors about this property have circulated, with some Reddit users drawing comparisons between its monolithic architecture and the lair of a supervillain.

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Morley Construction Co., the firm responsible for overseeing the project, has revealed that this mega-mansion spans an impressive 40,000 square feet and required a staggering 7,645 cubic yards of concrete to bring it to life. Despite its grandeur, the availability of photos showcasing the property is limited, as it was never officially listed for sale. Instead, it was discreetly offered as a pocket listing, commanding a price tag of $295 million and shown only to a select group of qualified buyers.

This record-breaking transaction has a significant impact on the Southern California luxury real estate market, which has experienced a cooling effect in the wake of the COVID-19 pandemic after being red-hot in the housing market of 2016. Furthermore, it enhances the reputation of Paradise Cove as one of the most sought-after locales in the entire country.

The deal for this property was facilitated by Kurt Rappaport of Westside Estate Agency, who handled both sides of the transaction. However, as of now, TMZ has been unable to reach him for comment as of Friday.

Paradise Cove has been witnessing a noteworthy trend in property values. For instance, WhatsApp co-founder Jan Koum invested $87 million in a Paradise Cove property in 2021, and billionaire heir to Public Storage, Tamara Gustavson, listed her home for an impressive $127.5 million last year. Even a modest mobile home in the vicinity fetched a substantial $5.3 million in 2016. Jay-Z and Beyoncé have demonstrated a penchant for remarkable properties, such as their acquisition of a similarly styled Bel-Air residence comprising six buildings, extensive patios, and terraces for which they paid $88 million in 2017.

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