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
