Here's How Beyonce and Jay-Z's Over-The-Top $200 Million Home Purchase Generates $11 Million For The Homeless
Have you ever wondered what you would buy if you had over a billion dollars? Would your lifestyle change?
Music power couple Jay-Z and Beyonce recently made history when they spent $200 million on their new home.
The mega-mansion is located in Malibu and quickly swept the headlines as being the most expensive home to ever sell in California, according to TMZ.
In an interesting twist, it was revealed that a real estate tax law in the state translates to a sizeable percentage of the purchase price being donated to the homeless.
Beyonce & Jay-Z's Expensive — But Helpful — Mansion
Beyonce and Jay-Z’s luxurious home is 40,000 square feet and sits on eight acres of property. It’s an L-shaped compound made of concrete that was purchased from William Bell Jr., one of the largest art collectors in the world.
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The architecture of the home pales in comparison only to the breathtaking views.
The mansion is perched atop the Malibu cliffs and overlooks the Pacific Ocean in the exclusive Paradise Cove enclave. Floor-to-ceiling glass panels inside the home allow the couple to enjoy the spectacular view without ever having to step foot outside, according to TMZ.
The property’s historical relevance
The mansion now owned by Beyonce and Jay-Z also happens to be the second-most-expensive home to sell in the nation, according to TMZ. The value of the property is linked to the historical relevance of the home.
It was designed by a highly esteemed Japanese architect named Tadao Ando. His jaw-dropping style was also appreciated by Kanye West who hired Tadao to create his oceanfront home.
Beyonce and Jay-Z’s home was immaculately crafted and took nearly 15 years to construct. In spite of the very expensive price tag attached to this home purchase, the famous couple snagged a good deal. It was originally listed for $295 million.
A home indulgence results in funding for the homeless
Beyonce and Jay-Z’s home boasts all the amenities one would imagine from a residence of this caliber. It also happened to open doors for the homeless community in the local area.
The historic real-estate purchase may have been a personal indulgence for the very wealthy couple, but it will also lead to housing opportunities for the less fortunate, according to Fox 22 News.
Los Angeles County recently introduced a new tax called the “mansion tax,” which that specifies a 4% charge will be added to properties that sell for $5 million or more. The levy increases to 5.5% if the property sells for $10 million or more.
In this particular case, the tax fee will result in at least $11 million. This total value will be applied to people struggling in the Los Angeles area.
Affordable housing and homelessness programs in the County will benefit from the $11 million in funding, which is a huge boost to the current issues with homelessness in the area.
Out of reach for most
Mega–mansions like this one live in the dreams of average citizens across the globe. The luxurious compound purchased by Jay-Z and Beyonce isn’t relatable to most working citizens and seems completely out of range.
Putting it all into context, the couple’s combined net worth is estimated to be $2.5 billion, according to Celebrity Net Worth.
At some point, they dreamt of becoming stars in the music industry, aimed to reach billionaire status, and also likely never imagined they’d be as successful as they are today. Their historical purchase is now making dreams come true for less fortunate people that once dreamt of simply having somewhere safe to rest their heads at night.
