KHLOE Kardashian is the latest family member to take out a whopping multi-million dollar mortgage on her lavish new mega-mansion in Los Angeles.
The 38-year-old entrepreneur bought a vacant lot in December 2020 for $17million in Hidden Hills to build her own luxury home next to her mom Kris Jenner’s matching custom pad.
thisischriswhite.comThe star’s property was under construction for months before Khloe could finally move in[/caption]
GettyThe Hulu favorite has now taken out a huge loan on her property after selling her former house in Calabassas[/caption]
According to property records seen by The U.S. Sun, Khloe has taken out a $7million loan on her home, which gives her the option to rent out her abode in the future if she ever decides to leave LA.
The Good American founder joins her sisters Kim, Kourtney, Kylie, and Kendall Jenner, along with mom Kris, who have saddled their mansions with debt totaling $132million, revealed by The U.S. Sun earlier this month.
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Khloe’s loan was arranged yet again through controversial business manager Louise Taylor and her company Tri Star Sports and Entertainment Group, who also handled the property deals for Kim and Kylie.
Tri Star denied claims that Britney Spears was bugged or being controlled through her medication during the 13-year-long conservatorship under dad Jamie, with Taylor being involved for 11 of those years.
Britney’s lawyers are investigating claims that her finances, worth $60million, were mishandled by Taylor and her father during this time, who have hit back at the accusations.
Khloe’s mortgage deal was done through a trust called AR True Love, which holds Tri Star’s HQ as its address.
It was arranged with lender PNC Bank at an interest rate of 4.75 per cent for the first 10 years and three per cent over the US federal rate thereafter.
Khloe’s monthly mortgage payments total around $48,000 including property tax for the Hidden Hills area, where her home is situated, directly next door to Kris’s $20m pad.
‘GENEROUS TAX BENEFITS’
The agreement is what’s called a “trust deed with an assignment of rents”, which means the bank is entitled to recoup a tenant’s rent if Khloe fails to keep up with her monthly payments.
Brooke Watton of LA’s Legally Blonde Realtor and Partners told The U.S. Sun: “An assignment of rents is a clause in a contract that gives the lender the right to collect rents from a mortgaged property in the event the borrower defaults on a loan.
“In other words, all rental income from the property would go to the lender to help reduce the balance of the loan.”
Realtor Tony Mariotti of RubyHome Luxury Real Estate also claimed that taking out a home loan offers generous tax benefits, which would appeal to the money-savvy Kardashians.
Khloe could also declare her home as a place of business, which means she can get an increased line of credit as she can also offer her huge commercial empire as collateral.
He says: “Home equity loans have lower interest rates than unsecured loans like a personal line of credit or credit card.
“Plus, home equity lines of credit are tax deductible as the proceeds go to improve the property like a new kitchen or windows, that sort of thing.
“Businesses looking to raise capital also have assets like warehouses and equipment they can use as collateral. When banks loan money for commercial use, it will come with more strings attached, like the assignment of rent.
“In this case, the renter could be the celebrity’s corporation. So essentially, the bank’s loan is backed by both the property and future rents collected from the business entity operating in the home should the borrower default.”
Khloe has spoken of her excitement over her new home on The Kardashians which was built to her specifications and gave fans a tour on the show last year.
The star and her daughter True, four, took Kris and her mom’s boyfriend Corey Gamble around the finished home.
The whole house had been decked out in neutral tones with pale wood flooring, gray rugs and sleek black windows.
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The kitchen featured a marble counter and white chairs, while the living room boasted comfy beige couches arranged around a beige coffee table.
Khloe’s giant pantry and her walk-in closet upstairs again featured sleek white shelves, while her home cinema had two large beige couches.
HuluKhloe gave viewers a full tour of her custom-built mega-mansion on the show last year[/caption]
HuluThe Good American founder moved into the home with her daughter True, four[/caption]
HuluThe blonde star also showed off her updated food pantry featuring endless snacks[/caption]