Jay-Z and Beyoncé‘s historic actual property buy will do much more than simply give the well-known duo a spot to put their heads … it will profit individuals struggling in L.A. to the tune of at the least $11 million!!!
In the event you did not know … L.A. County just lately rolled out a brand new “mansion tax” — including a 4% tax on properties that promote for $5 million or extra. The tax bumps to five.5% if the property sells for $10 million or extra.
TMZ broke the story, Jay-Z and Beyoncé bought their model new, 30,000-square-foot Malibu property for $200 million … which, with the brand new tax, will generate $11 million.
The sale makes it the costliest ever within the state of California … second within the nation solely to a $238 million buy of an NYC condo.
As for the place that cash goes … it will be used for inexpensive housing and homelessness applications within the County. So, given the present homeless drawback in L.A. … the cash ought to undoubtedly be put to good use.