Do you know Jay-Z bought the most expensive home in California history? – Check out other huge real estate moves in 2023

BY Nii Ntreh June 17, 2024 1:11 PM EDT
Jay-Z and wife Beyonce bought the expensive home in California history in 2023. Photo Credit: Axelle

When the wealthiest people purchase homes, they are not simply looking to put a roof over their heads. They are looking for a not-so-humble abode that reflects the glamor of their achievements and to afford the best comfort their money can buy. Seeing as homes are landed properties that more often than not appreciate in value too, sometimes, an expensive mansion is supposed to be an investment.

Amidst this trend, some affluent individuals sought to augment their real estate portfolio by purchasing additional residences, while others hastily sold their ultra-luxury apartments for various reasons, including the implementation of the new ‘mansion tax‘ in Los Angeles.

The new law in California forced celebrity tattoo artist Kat Von D recently to sell her 13,000 square feet gothic L.A. mansion which was built in 1896 for a staggering $7.8 Million. However, the new law is not repelling everyone. Rapper and businessman Jay-Z and his wife Beyonce added to their homes by acquiring a mansion in California.

Another rapper, Rick Ross, was also on the market, buying a mansion in his adored home of Miami.

As follows are some prominent Black people who made some of the most significant real estate moves last year.

Jay-Z and Beyoncé

Jay-Z and Beyoncé purchased a mansion in Malibu overlooking the Pacific Ocean. The property, listed earlier for $295 million, was acquired by the celebrity couple at a discounted price of $200 million. This acquisition not only marks the highest property purchase in California history but also the second most expensive sale in the U.S., falling just short of the record set by a $238 million New York penthouse sold in 2019.

Rick Ross

Miami rapper Rick Ross has also made a significant addition to his real estate portfolio. He recently bought a $37 million mansion on Star Island in Miami. This exclusive guard-gated island is located off Biscayne Bay and is home to several A-list residents. The mansion spans 12,374 square feet and sits on a 40,000-square-foot lot with 100 feet of waterfront. It features six bedrooms, eight and a half bathrooms, a chef’s kitchen, and a bay-facing primary suite with dual walk-in closets and bathrooms. The outdoor amenities of the Miami mansion include a heated pool, a summer kitchen, a 40-foot dock, and direct access to the bay and ocean.

Robert L. Johnson

Robert L. Johnson, the co-founder of Black Entertainment Television (BET), recently purchased a $20 million mansion in Palm Beach Garden’s Old Palm Golf Club. This exquisite residence spans over 13,000 square feet and features five bedrooms, six bathrooms, and one half-bathroom. The property has undergone a remarkable renovation, enhancing its allure and grandeur.

Olugbenga Agboola 

The CEO and co-founder of Flutterwave, Olugbenga Agboola, made a noteworthy acquisition in the high-end real estate industry. Public records indicate that Agboola has recently acquired a seven-bathroom, six-bedroom house in Miami Beach for $7.1 million. The property earlier belonged to the Boschetti Group, a real estate development company that purchased the land for $1.2 million in 2021 and constructed the residence last year.

Dr. Dre

While others were acquiring luxury real estate, Dr. Dre, the renowned hip-hop icon, recently sold his 9,378-square-foot Mediterranean-style Calabasas mansion for $6 million. This sale resulted in a profit of approximately $1 million, as Dr. Dre purchased the property in 2018 for $5 million. The mansion, located on a private cul-de-sac within a gated community, boasts six bedrooms and seven bathrooms. Built in 1997, the structure has undergone recent renovations and updates worth around $1 million, as stated in the listing details.

The two-level stucco and terracotta abode offers various amenities, situated on a well-appointed lot adorned with palm trees. These include multiple fire pits, an amoeba-shaped pool and spa, a pergola-topped lounge area, a basketball court, and an outdoor kitchen complete with a nearby pizza oven. All these features contribute to the mansion’s allure and are further enhanced by its picturesque mountain views.