Beyoncé and Jay-Z have taken out a second mortgage loan using their $88 million Bel-Air mansion as collateral. According to DailyMail.com, the power couple took out a $57.7 million second mortgage on the Bel-Air property.
The eyebrow-raising loan comes after Jay-Z and Roc Nation were denied a $115 million loan and a $55 million personal line of credit earlier this year.
Bey and Jay’s second 30-year loan from Morgan Stanley Private Bank means they now owe over $110 million on the Bel-Air property.
According to DailyMail.com, the mortgage on the 30-year loan totals over $310,000 a month.
The couple previously took out a $52.8 million loan with Goldman Sachs at a 3.15 percent rate, bringing their total loan amounts on the property to over $110 million.
In his amended lawsuit against Tony Buzbee, Jay-Z claimed Roc Nation was denied a $115 million loan and he was personally denied a $55 million line of credit.
However, his defamation lawsuit against Buzbee was dismissed by a California judge who said Jay-Z didn’t prove his case.
Beyoncé and Jay-Z are “cash poor” billionaires. That means they have accumulated wealth in assets, such as mansions and other properties, cars, jewelry, etc. But they lack liquid cash to pay everyday expenses.
So they borrow from banks, or by leveraging their clout to influence wealthy people to give them money.
Unfortunately, Beyoncé, a mother-of-three, is forced to continue touring to pay off the couple’s massive debts.
