Jay-Z and Beyoncé‘s historic real estate purchase will do a lot more than just give the famous duo a place to lay their heads … it’ll benefit people struggling in L.A. to the tune of at least $11 million!!!
If you didn’t know … L.A. County recently rolled out a new “mansion tax” — adding a 4% tax on properties that sell for $5 million or more. The tax bumps to 5.5% if the property sells for $10 million or more.
TMZ broke the story, Jay-Z and Beyoncé purchased their brand new, 30,000-square-foot Malibu estate for $200 million … which, with the new tax, will generate $11 million.
The sale makes it the most expensive ever in the state of California … second in the country only to a $238 million purchase of an NYC apartment.
As for where that money goes … it’ll be used for affordable housing and homelessness programs in the County. So, given the current homeless problem in L.A. … the money should definitely be put to good use.