Jay-Z and Beyonce Buy New L.A. Estate for $88 Million

(Radio.com) JAY-Z and Beyonce have a combined "net worth" of $1.16 billion, according to Forbes. When you've got that kind of cash, paying $88-million on a new, deluxe Bel-Air mansion doesn't seem that excessive.

Even so, the purchase marks the highest price paid for Los Angeles real estate this year. The previous record was held by David Geffen, who coughed up $85 million in May for a mansion in Malibu.

Jay and Bey's new palace features 30,000 square feet of living space, a full-sized basketball court, a spa, four outside swimming pools and a media room.

The power couple bought the estate through blind trusts, and acquired a mortgage estimated at 52.8 million, reports Billboard. That means monthly payments of $252,075 for the next 30 years, factoring in a four percent interest. Check out an aerial shot of the mansion here.