Jay-Z and Beyoncé's historic real estate acquisition will aid needy L.A. residents by at least $11 million in addition to providing the renowned couple with a place to sleep!
In case you weren't aware, L.A. County recently implemented a new "mansion tax" that imposes a 4% tax on homes that sell for $5 million or more. If the property is sold for $10 million or higher, the tax is increased to 5.5%.
According to the report by TMZ, Jay-Z and Beyoncé paid $200 million for their brand-new, 30,000-square-foot Malibu house, which will now bring in $11 million thanks to the new tax.
The sale makes it the most expensive property ever sold in the state of California, coming in second place nationwide behind a $238 million apartment acquisition in New York City.
The County will use the funds for programs addressing homelessness and the need for affordable homes. Therefore, the funds should undoubtedly be used wisely considering the current homelessness issue in Los Angeles.
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