Kim Kardashian reportedly took out a $48.7 million mortgage to purchase the $70.4 million seaside mansion she bought in Malibu last fall, and used Brittany Spears’ under-fire ex-manager to handle the deal.
The socialite, 42, borrowed the funds from investment bank BNY Mellon, which offers customized mega-mortgages for ultra-wealthy clients, for the sale that closed on September 12, according to documents reported by the US Sun.
It’s unclear what kind of terms Kardashian may have gotten on her mortgage, but for the week of the sale, the national average rate on 30-year fixed mortgages with jumbo balances was 5.56% according to the Mortgage Bankers Association.
That loan structure and rate would equate to monthly mortgage payments of more than $278,000, even before taxes and insurance — although the payments could also be much higher or lower under different terms.
The stunning home, which supermodel Cindy Crawford and her husband Rande Gerber use to own, has four bedrooms and five-and-a-half bathrooms inside more than 7,000 square feet.
The clifftop mansion is about 14 miles away from the home Kardashian’s ex-husband Kanye West, 45, recently purchased for $57million in the exclusive seaside enclave.
Kim Kardashian reportedly took out a $48.7 million mortgage to purchase the $70.4 million seaside mansion she bought in Malibu last fall, and used Brittany Spears’ under-fire ex-manager to handle the deal
The stunning home, which supermodel Cindy Crawford and her husband Rande Gerber used to own, has four bedrooms and five-and-a-half bathrooms inside more than 7,000 square feet
If Kardashian took out a 30-year fixed loan at prevailing jumbo rates, her monthly payment would be more than $278,000
According to the mortgage documents cited by the Sun, Kardashian appears to still be using Brittany Spears’ under-fire former business manager, Lou Taylor, to assist in real estate transactions.
The corporation used to complete the purchase of the home, Look At God Re LLC, is registered at the same address as Taylor’s management firm, Tri Star Sports and Entertainment Group.
Tri Star came under scrutiny during Spears’ conservatorship legal battle, but the company has strenuously denied the singer’s claims that it mishandled her $60 million fortune during her father Jamie Spears’ 13-year conservatorship.
The Kardashian clan has previously used Taylor and her firm to handle deals, and the report suggests the business relationship has survived despite the allegations from Spears, once a close confidante of Kim’s.
A spokesperson for Kardashian did not immediately respond to a request for comment from DailyMail.com on Friday evening.
The purchase of the Malibu mansion was reportedly in a private off-market transaction, with Jade Mills of Coldwell Banker handling the sale.
Kardashian’s mansion purchase was the sixth most expensive real estate transaction in Southern California for 2022, according to the Los Angeles Times.
The palatial estate once belonged to Vogue model Cindy Crawford, 56, and her husband Rande Gerber, 60, who lived there with kids Kaia and Presley.
The power couple bought it in 2015 and then sold it in 2018 for $45 million to a retired hedge fund manager.
Kim Kardashian and singer Britney Spears, once close friends, are seen at The Beverly Hilton hotel in 2012
According to the mortgage documents cited by the Sun, Kardashian appears to still be using Britney Spears’ under-fire former business manager, Lou Taylor (above), to assist in real estate transactions
Neighbors: Neighbors include: Cindy Crawford, who still owns a piece of vacant property next to the house, Leonardo DiCaprio, singer Neil Diamond, television producer Marcy Carsey, and former Disney CEO Michael Eisner
Previous owners: The palatial estate once belonged to supermodel Cindy Crawford, 56, and her husband Rande Gerber, 60, who bought it in 2015 and then sold it in 2018 for $45 million to a retired hedge fund manager
Privacy: The house is invisible from the street and the property is surrounded by a hedge wall and a towering gate. A long driveway leads up to the abode which was originally built in 1944
Ocean views: The living room boasts ocean views. The family can enjoy the four bedroom and five-and-a-half bathrooms in the 7,500-square-foot mansion
Gym: Inside there’s a gym where Kim can conduct her daily workouts. The room features a view of the ocean. The doors that open to allow a cooling breeze inside
Where she can pump iron with Khloe: Gym: Inside there’s a gym where Kim can conduct her daily workouts
Land barons: Cindy and Rande seen at their summer lake house; they own several homes in the US
The Mediterranean-style villa was built in 1944 and remodeled in the 1990s and again by Crawford and Gerber in 2016.
The previous owner listed the house for $99.5 million in March and then lowered it to about $90 million.
There were still no takers, so Kardashian and her team were able to snap it up for a little over $70 million, in a sign of deflating valuations in the real estate market over the past year.
The veteran reality show star won’t have to worry about fans trying to sneak a peek inside her beach getaway. The house is invisible from the street and the property is surrounded by a hedge wall and a towering gate.
Behind the walls, the family can enjoy the four bedroom and five-and-a-half bathrooms in the 7,500-square-foot mansion.
Inside there’s a gym where Kardashian can conduct her daily workouts.
A large family room with an open patio looks out on the ocean. The family can gather for meals in the semi-formal dining room which also looks out at the sea.
Outside, they can enjoy roasting marshmallows around the patio fireplace, take shelter from the wind in a cabana and ease the tension from the day in the pool or jacuzzi. Stairs and a winding pathway lead to a private shoreline.
When the kids, North, nine, Saint, six, Chicago, four and Psalm, three, need to work off some energy, their mom can send them to the full-sized tennis court to practice their swings.
Neighbors include: Cindy Crawford, who still owns a piece of vacant property next to the house, Leonardo DiCaprio, singer Neil Diamond, television producer Marcy Carsey, and former Disney CEO Michael Eisner.
Fire pit: The family can have fun roasting marshmallows around the patio fire pit as they enjoy the sunset
Pool: The pool area includes a cabana and fireplace
Tension relief: The large pool can provide exercise and fun time for the kids; there is also a view
A treat: There is also a stand alone Jacuzzi where Cindy posed for many of her social media posts
Tennis court: When the kids, North, nine, Saint, six, Chicago, four and Psalm, three, need to work off some energy, their mom can send them to the full-sized tennis court to practice their swings
So close to the sandy seashore: Stairs and a winding pathway lead to a private shoreline
#Kim #Kardashian #secured #massive #million #mortgage #purchase #expansive #million #clifftop #Malibu #mansion #owned #Cindy #Crawford #enlisted #Britney #Spears #infamous #business #manager #transaction