Foreign Property News | Posted by Hnin Ei Khin
THE Kardashian family may be one of the richest in the world, but the reality stars have taken out massive home loans on their mega-mansions, which run to $132million combined.
Despite Kim and co being worth more than a billion dollars, they’ve stacked their luxury properties with huge amounts of borrowing, The U.S. Sun has exclusively learned.
(Kim Kardashian is undertaking a complete remodel of her new $70.4 million dollar Malibu mansionCredit: BackGrid)
(Kourtney Kardashian took a mortgage out on her huge Calabasas mansion she shares with Travis Barker and their kidsCredit: Coleman-Rayner)
Last month, we revealed Kim had taken out a $48million mortgage on the $70million Malibu property she bought in September, which is undergoing a big renovation.
But this is just the tip of the iceberg, as sisters Kourtney, Kylie, and Kendall Jenner have also laden their luxury homes with vast debt, as has mom Kris.
In total, the family quintet has borrowed $132million, according to property records seen by The U.S. Sun.
She borrowed $2.4million in October 2015 and $2.11million in March 2018, but just a few months later Kris went big on the borrowing.
(Momager Kris Jenner and most of her famous children have borrowed money for their luxury homesCredit: E! Entertainment)
The famous momager first of all took out a loan for $7.25million in August 2018.
But, the following month, that was superseded by a new agreement for a whopping $40million loan through the financial company Crosswind Venture Fund, which is ten times more than what she paid for the house.
Then, in January 2019, she borrowed $5.2million, and $5.25million in June of that year, according to property records.
This took Kris' borrowing up to $62.21 million, which was secured by the property and her other assets. The borrowing was done through trust deeds, which is similar to a mortgage but involves a third party, a trustee, holding the legal title for the property.
As most celebrities want to keep their identity secret, their business manager is usually the trustee.
In this case, it's Lester Knispel, who for years has been the Kardashians' "money man".LA realtor Tony Mariotti, CEO of RubyHome Luxury Real Estate, explained why celebrities such as the Kardashians take on, what appear to be, huge financial risks - but he says could lead to bigger returns on their investments.
He told The U.S. Sun: "Taking on debt always carries risk. Even riskier is when the loan amount exceeds the value of the home.
BIG BORROWING
Kris' case is the most complicated out of the Kardashians, whereas records show that daughter Kylie Jenner borrowed $7.5million in April 2020 when she paid $36.5million for a stunning six-bedroom mansion in Holmby Hills.
The deal went through controversial business manager Lou Taylor, who has negotiated some of the family's recent property transactions despite her connection to Britney Spears.
Meanwhile, Kourtney Kardashian has been at her six-bedroom, nine-bathroom Calabasas place for eight years paying $7.45million in February 2014.
In January the following year, she took out a deed of trust for $5.2million and another one in February 2017 for $5.19million - totaling $10.39million - both arranged through financial guru Lester Knispel.
The final member of the family to have taken out a home loan is model Kendall Jenner.
She bought her five-bed, six-bath Beverly Hills place for $8.55million in August 2017 and saddled it with $4.625million worth of borrowing, also arranged through Knispel.
(Kris Jenner has borrowed millions on her homes but paid for her new abode outrightCredit: Getty)
(The Kardashian-Jenner family's luxury homes feature on their popular Hulu showCredit: 2022 Hulu)
Ref: KEEPING UP WITH THE MORTGAGES Kardashian family has borrowed $132million in home loans to fund their property empire despite being billionaires (the-sun)
