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With its steep inexperienced cliffs overlooking the Pacific Ocean, Malibu is a prime contender in America’s ultra-luxury actual property market. Its rise within the rankings of the favourite spots of the super-rich was solidified once more in previous weeks, with stories that Beyoncé and Jay-Z bought a 40,000 sq ft oceanfront mansion within the coastal enclave.
TMZ first reported that the star couple had snapped up a modernist mansion designed by the celeb Japanese architect Tadao Ando. With a sale tag of $200m, the acquisition seems to interrupt the report for the most costly dwelling in California.
The mansion been described as “huge”, “minimalist” and “echoey”, and reportedly contains each a pool and a “water characteristic”, in addition to an award-winning concrete driveway.
Ando, the architect, is a Pritzker prize winner, whose uncovered concrete and glass houses have develop into standing symbols for American superstars. Kim Kardashian introduced earlier this spring that she was engaged on a “dream undertaking” with Ando, and in 2021 Kanye West reportedly bought a relatively modest beachfront Malibu dwelling designed by Ando for $57.3m.
![The Mansion in Malibu, California designed by Tadao Ando](https://i0.wp.com/i.guim.co.uk/img/media/ac64be51515fc1047df586e2114503dfe36756ce/31_328_2283_1369/master/2283.jpg?resize=445%2C266&ssl=1)
The house initially was commissioned by William and Maria Bell, artwork collectors and family members cleaning soap opera dynasty that created The Younger and the Stressed and The Daring and the Lovely. Maria Bell described the development as “dazzling” and “spectacular”, however advised the Wall Avenue Journal: “It’s additionally a frightening thought to reside in one thing that may appear to many individuals like a Brutalist construction.”
The unique asking worth for the property was $295m, TMZ mentioned, characterizing the ultimate $200m sale worth as an “unbelievable deal”.
New York Metropolis nonetheless holds the report for the most costly dwelling in america, a $238m penthouse condo overlooking Central Park. However California has been repeatedly breaking its personal information lately.
Malibu’s rise as a mecca for luxurious actual property was pushed by many years of funding by the tech magnate Larry Ellison, in accordance with the Wall Avenue Journal. Ellison, the fifth wealthiest individual on this planet, owns an estimated 10 houses on what’s now often called Malibu’s Billionaire’s Seaside, in accordance with the newspaper, along with a collection of business holdings. (Ellison additionally owns a lot of the Hawaiian island of Lanai.)
![Beyoncé and Jay-Z attend the 65th GRAMMY Awards in February 2023 in Los Angeles, California.](https://i0.wp.com/i.guim.co.uk/img/media/367d46bb4f1a1d09d71695e44ca4ce84592cd8ae/0_406_3508_4938/master/3508.jpg?resize=445%2C626&ssl=1)
Billionaire tech executives and celeb artists are persevering with to push up actual property costs within the metropolis, undaunted by a number of lethal wildfires which have hit the area lately, together with a 2018 blaze that razed multimillion-dollar mansions and left three individuals lifeless. The median worth for a single-family dwelling within the metropolis has greater than doubled since 2016, to almost $7m. A few of Malibu’s new elite householders at the moment are cobbling collectively a number of properties to construct mega-luxury compounds, in accordance with the Journal. The WhatsApp CEO, Jan Koum, purchased two adjoining properties for a mixed $187m, whereas Marc Andreessen owns three totally different Malibu houses with a complete worth of $255.5m.
A consultant for Beyoncé didn’t instantly touch upon the stories concerning the mansion buy. Kurt Rappaport, the Malibu “alpha agent” who reportedly organized the record-breaking $200m sale, has beforehand labored with Tom Cruise, Brad Pitt and Ellen DeGeneres. He didn’t reply to requests for remark.
In the meantime, social media commentators have weighed in on the celebrities’ acquisition, with the New York Submit, a publication recognized for its skepticism of California “cheeseball” actual property aesthetics, highlighting feedback evaluating the mansion to a “WWII bunker” or “an empty Costco distribution heart”. On Reddit, a thread concerning the mysterious property concluded that “each Malibu mansion appears like a supervillain lair”.