Jeff Bezos may be the third-richest person in the world, yet he is currently paying rent instead of living in a home he owns.
Here are the details on his current residence and the famous musician making bank on the deal.
Bezos and his fiancée Lauren Sanchez are currently renting a home in Malibu, California for $600,000 per month, according to the New York Post.
The owner of the home is legendary musician and saxophonist Kenny G.
According to the report, the price tag doesn’t include furnishings. Kenny G’s items are currently in storage, while Bezos and Sanchez get to decorate the home with their own items.
Kenny G spent $12.5 million on the 5,400 square foot home in 1998. The musician bought the adjacent land in 2000 to build a 3,500 square foot home in 2006, with an estimated $3 million spent on the new property.
Some of the features of the home include a tennis court, a recording studio and exclusive access to Little Dume Beach.
Bezos and Sanchez were recently out on the seas aboard their new $500 million yacht, that they took possession of after a lengthy building process.
Bezos, who founded Amazon.com Inc (NASDAQ: AMZN), purchased a 15,000 square-foot mansion in Beverly Hills for $165 million in 2020.
The billionaire has been working on getting approval and complete construction to make the home larger. The Post reports that Bezos is also shopping for a home in Malibu and may make Kenny G an offer on the rental.
The fact that Bezos, who is worth $150 billion, rents a home for such a high amount ($600,000 per month, $7.2 million for the year) may puzzle the public. After all, his portfolio of properties includes homes in Hawaii, New York, Texas, Washington D.C. and Washington and is worth around $500 million.
Add in the $25 million per year it costs for Bezos’ super yacht to operate, and you have $32.7 million in additional expenses in 2023.
Malibu, however, is a market for the ultra wealthy, with increased demand and limited supply making it harder to secure property in the city.
Jay-Z and Beyoncé recently paid $200 million in cash for a Malibu home, marking the most expensive home purchase in the state of California ever.
Produced in association with Benzinga
Edited by Alberto Arellano and Jessi Rexroad Shull