Jay Z and Beyonce are not your ordinary couple, and naturally, you’d expect them to take up residence in a not-so-ordinary house. Now that we got that out of the way, let’s try to define what’s “not so ordinary” in Jay Z-and-Beyonce standards.
Rumors have it that the power couple was drawn into one of the Holmby Hills mansions in the posh Los Angeles neighborhood. The asking price for the real estate property reportedly stands at a king’s ransom of $200 million. Yeah, that one would cost you more than an arm and a leg.
According to People, a source told them that Beyonce and Jay Z are really looking into changing ZIP codes from one coast to another. The couple currently owns a house in New York City and is now shopping for a new one in the Los Angeles area.
And, there’s also this recent announcement from Beyonce and Jay Z that they are expecting twins and because that would mean an addition to their growing family, the couple is now looking into the said mansion, which has 123 rooms.
The Spelling mansion, as the property is more commonly known as, is an eponym for its former owner, the late TV show producer Aaron Spelling who acquired the house back in the early 90s. Three years following the death of Mr. Spelling in 2006, his wife Candy decided to rid herself of the property that has become too big for her and listed it at a whopping price of $150 million.
Petra Ecclestone-Stunt currently owns the French chateau-style home that sits in a sprawling lot of 57,000 square feet. The British heiress and owner of the Spelling mansion was 22 at the time when she purchased the property from Candy Spelling in 2011 for $85 million. That may seem too early in age to acquire such an expensive real estate property, but not if you happen to be the daughter of F1 owner and billionaire Bernie Ecclestone.
When Petra got hold of the property, she immediately asked the help of British celebrity designer Gavin Brodin to refurbish the place. The project needed some 500 workers and an estimated amount of at least $30 million to be completed. The mansion is now equipped with its own bowling alley, a colossal exotic fish aquarium, and a spa with three hair stations, says The Real Deal.
The mega-listing may also come off as a bit of an overpriced property even to the well-to-do individuals. But, according to Hilton & Hyland’s Rick Hilton, who together with David Kramer, has the current listing for the mansion, the price is actually reasonable.
“We feel it’s a fair price given the location, the amount of land, the size of the house and how hard it would be to recreate it,” he said. “It’s in a better location than the Playboy Mansion, which also needs everything redone.”
The infamous Playboy Mansion is another one of those mega-listing properties and at one point has also been listed at the $200-million price point. It was sold later on at a cheaper value of around $5,250 per square foot that is higher compared to the $3,500 per square foot asking price of the Spelling mansion.
So believe it or not, at $200 million, the Spelling mansion is a fair value in mega mansion terms. The property could go down as one of the most expensive sales in real estate history if the house would really be bought at its original asking price.
As for Michael Nourmand of Nourmand & Associates, he also believes that the $200-million value is within reasonable limits, but expressed his doubt on whether Petra will actually get it.
“I think they’ll get something in the $150 million to $170 million range,” he said. “I have no doubt in my mind it would still be the most expensive sale in L.A.”
And, whether Beyonce and Jay Z would be willing to shell out that enormous amount of money or somewhere in the vicinity for a piece of real estate property, or would they be settling for the Spelling mansion in the first place remains to be seen.
[Featured Image By Mark J.Terrill/AP Images]