Beyoncé and Jay-Z are reportedly close to buying 58 acres of land near Banbury, England, that will soon become a seven-bedroom, nine-bathroom mansion overlooking a lake.
Local UK outlet Banbury Guardian reported the couple received planning permission for what it called a "spectacular rural estate." Drone photos show large open fields, a neglected building, and a lake coated with algae.
Locals React to the Plans
Some residents say the project will transform the quiet area. David, who has lived in Banbury for more than 60 years, called it "a big project to do – to build a house over a lake." He said the lake is man-made and described the plan as "very romantic and pretty."
David added that rising property prices are already an issue, and Beyoncé's arrival might push them higher. "People do buy houses around here and the prices are going up and it could even be more so," he said, adding that the area already attracts celebrities like David Beckham and Claudia Winkleman.
Another villager, who moved there 12 years ago, was surprised that the couple purchased the land. "I couldn't believe they bought what it is – it is a shack," the resident said. She worried about increased traffic, noting there could be "a lot of black limousines going up and down the road because they are going to have a lot of police escorts."
Despite her concerns, she admitted her grandson would be excited and predicted house prices "will go up in price hugely" in what she called an already expensive part of the Cotswolds.
The resident also questioned whether the couple would spend much time in the village. "She wants to be secluded but she still going to get us dog walkers walking through," she said.
Why Beyoncé and Jay-Z Take Out Huge Mortgages
The couple's real estate moves have raised questions beyond Oxfordshire. Property records reviewed by the Daily Mail show they hold two mortgages on their $88 million Bel Air mansion, totaling about $110.55 million.
The newest loan, $57.75 million, was secured in April from Morgan Stanley's Private Bank Group at a 5% fixed rate for ten years. Their earlier $52.8 million mortgage came from Goldman Sachs at 3.15%.
Combined, these loans represent about 3.4% of their estimated $3.3 billion net worth. Financial experts point out that this is a common strategy for wealthy families. The couple could access cash tied up in their property and use it to invest in stocks or businesses, taking advantage of the low interest rate if they desire.
The strategy "buy, borrow, die" enables billionaires to take advantage of assets that increase in value to issue loans without paying taxes and transfer the assets to heirs without capital gain taxes.
In the case of Jay-Z and Beyoncé, it is about continuing to make their fortune work for them while still being comfortable in their luxurious homes.
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