JAY-Z and Beyoncé have a new place to call home.
A source confirmed to PEOPLE that the couple purchased a 40,000-square-foot mansion in Malibu overlooking the Pacific Ocean. The property was listed for $295 million, but the source has confirmed that the superstars only paid $200 million, which is almost a third off the hefty price tag.
TMZ was the first to report the news, marking the highest home sale price in California history and the second most expensive sale in the US – just behind the record $238 million New York penthouse sold in 2019.
In October 2021, he sold the record for most expensive home in California for $177 million, followed by Amazon founder Jeff Bezos’ purchase of a $165 million home in Beverly Hills in 2020.
RELATED: Beyoncé and Jay-Z Bought a Second Home in 2 Months: $26 Million Hamptons Mansion
The couple’s new Malibu dream house, described as a piece of architectural art, reportedly took 15 years to build.
This isn’t the first time Carters has dropped a pretty penny on real estate.
After a long search for the perfect Los Angeles pad despite their $100 million budget, the couple paid $88 million—$47 million below the initial list price—for a 30,000-square-foot Bel Air campus in August 2017.
Just a month later, the artists bought a $26 million beachfront property in the Hamptons—at the time, a source told PEOPLE it was a “very good price” for the 12,000-square-foot home sitting on a 2.1-acre lot. .
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A Beyoncé representative did not respond to PEOPLE’s request for comment.