Superstar couple Beyoncé and Jay-Z smashed a real estate record with the purchase of their new Malibu home.
Entertainment news outlet TMZ reported on Friday that the music icons had paid $200 million for a 40,000-square-foot property in the Paradise Cove area, citing sources in the real estate industry.
The eye-watering price tag makes the house the most expensive property ever to be sold in the state of California, dethroning a Malibu estate bought by venture capitalist Marc Andreessen for $177 million in 2021. But that isn’t the whole story.
It didn’t set a new record for the most expensive residential sale in the U.S. That record is still held by a Manhattan penthouse, which hedge fund billionaire Kenneth C. Griffin spent $238 million on four years ago.
But it was something of a deal. According to TMZ, Beyoncé and Jay-Z secured their Malibu property for $95 million under the asking price. The news outlet also reported that the couple paid the $200 million for the mansion in cash.
Celebrity real estate agent Kurt Rappaport, who reportedly brokered the deal, did not immediately respond to Fortune’s request for comment.
The concrete compound, which overlooks the Pacific Ocean, naturally comes with a swimming pool, and sits on eight acres of land. Designed by famed Japanese architect Tadao Ando, the property was commissioned and owned by soap opera veterans turned renowned art collectors William and Maria Bell, with the project reportedly taking 15 years to complete.
The Daily Mail reported last month that Ando had been working on the development of a Malibu mansion for rapper Kanye West, known as Ye—but construction is said to have been stalled since Ye was dropped from several business partnerships following a series of public anti-Semitic outbursts.
Beyoncé and Jay-Z’s latest property purchase adds to a luxury property portfolio that includes a $100 million Bel Air mansion, which the couple are reportedly holding on to alongside their new Malibu home.
Earlier this year, Jay-Z, né Shawn Carter, saw his net worth reach $2.5 billion, with his fortune boosted by a vast business empire.
Beyoncé, meanwhile, had an estimated net worth of $450 million by the end of 2022, according to Forbes. However, her wealth is likely to be boosted by her upcoming Renaissance World Tour, which is expected to earn almost $2.1 billion.