Kim Kardashian reportedly took out a $48 million mortgage in order to purchase her new $70 million Malibu mansion. Moreover, she used Britney Spears' controversial ex-business manager Lou Taylor to make the deal and borrowed funds from investment bank BNY Mellon. Furthermore, the company offers custom mega-mortgages for incredibly rich clients, and the reality TV star closed the deal in September of last year according to documents obtained by the US Sun. While the mortgage's terms are unclear, the national average rate on the week of the sale was 5.56% on 30-year fixed mortgages with jumbo balances, based on reports from the Mortgage Bankers Association.
In fact, that loan rate and structure equals monthly payments of over $278,000 before taxes and insurance. However, these payments could fluctuate up or down depending on differing terms of the deal. Regardless, the previous owners of this Malibu destination were Cindy Crawford and husband Rande Gerber. Moreover, the stunning home contains four bedrooms and five-and-a-half bathrooms within over 7,000 square feet. Interestingly, it's about 14 miles away from ex-husband Kanye West's recently purchased $57 million property.
Kim Kardashian's $70 Million Malibu Mansion
According to mortgage documents referenced by the Sun, Lou Taylor helped the 42-year-old out with the purchase. Moreover, the company used to complete the purchase has the same address as Taylor's management firm. For those unaware, Taylor received much scrutiny for his handling of Britney Spears' conservatorship battle. Still, the company denied claims from the singer that they misused her $60 million fortune during her father's 13-year conservatorship. Still, the Kardashians worked closely with Taylor before to handle much of their business deals, acquisitions, and other endeavors. It seems that their working relationship remains, even when considering Spears who was once much closer to Kim.
Meanwhile, Kim acquired the Malibu mansion through a reportedly off-market private transaction, with Jade Mills of Coldwell Banker also overseeing the sale. Moreover, this purchase marks the sixth most expensive real estate transection in Southern California in 2022, according to the Los Angeles Times. Given Kim's pockets, it's not surprising to see her dropping bags on luxury destinations. Regardless, log back into HNHH for the latest news and updates on Kim Kardashian.