The incredible sum of $70.4 million was reportedly spent on Kim Kardashian’s new home in Malibu.
The “$48 million mortgage” that Kim K. used to buy her Malibu property
It’s been reported that the mother of four paid $70.4 million for the luxurious home, albeit she did not use cash.
Reportedly, Kim Kardashian financed her $48.7 million Malibu property with a mortgage.
Kim supposedly utilized Britney Spears’ currently-under-fire ex-manager to negotiate the purchase of her coastal home last fall.
According to published sources, Kim financed the sale with a mortgage from ultra-high net worth mortgage provider and investment bank BNY Mellon. The sale finalized on September 12.
The property was previously owned by Cindy Crawford and Rande Gerber, the husband of supermodel Crawford.
After purchasing it in 2015 and living there with their children Kaia and Presley, they sold it in 2018 to a retired hedge fund manager for $45 million.
The spacious residence includes four bedrooms and five and a half baths.
It’s over 7,000 square feet and is located around 14 miles from the mansion that Kardashian’s ex-husband Kanye West just bought for $57 million.
The previous owner put the home on the market in March for $99.5 million and subsequently reduced the price to roughly $90 million, but it still hasn’t sold.
As the asking price was $70,000,000, Kim was able to purchase it.
The home is hidden from view from the street by a high wall of hedges, and the entrance to the property is concealed behind a massive gate.
Kim can maintain her exercise routine because there is a gym on the premises.
Family gatherings can take place in the spacious dining room, or outdoors, on the patio that offers views of the ocean.
The Sun has obtained mortgage records showing that Kardashian is still being represented by former Britney Spears manager Lou Taylor.
Look At God Re LLC, the company that closed the deal of the house, shares an address with Taylor’s management company, Tri Star Sports and Entertainment Group.
Throughout Spears’ conservatorship court struggle, Tri Star was the target of criticism.
Though the singer says the firm mismanaged her $60 million money during her father Jamie Spears’ 13-year conservatorship, the firm has refuted her allegations.
Taylor’s company has negotiated contracts for the Kardashians before.