GWYNETH Paltrow’s home renovations may go down as Hollywood’s most expensive ever after the actress took out a $22million home loan while transforming a property worth four times less than the mortgage.
Gwyneth’s Los Angeles pad she once shared with Coldplay singer Chris Martin is saddled with four mortgages, which means she’s borrowed $40m in just over a decade.
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Oscar-winner Gwyneth, 51, and film producer husband Brad Fulchuk’s Montecito place was finally completed last year after seven years under construction.
They bought the 14,000-square-foot parcel for $4.9m in 2016.
The original four-bed property was demolished and replaced with an eco-mansion, two guest houses and two garages.
There’s an Olympic-sized pool with a diving board and 2.36 acres of land, which includes a section of 60 solar panels.
Gwyneth and Brad, 53, borrowed $22m in November 2021 from City National Bank – nicknamed “Bank to the Stars” for its favorable deals to the rich and famous – with the terms stating that it was to be used as their second home.
In August last year, she listed one of the guest houses on Airbnb calling it a “goop-inspired stay with Gwyneth Paltrow.”
But there was a catch – it was for just one night in September with Gwyneth there to “greet you upon your arrival,” as you “empower your mind with a guided transcendental meditation session” and feast on a “goop kitchen-inspired meal.”
On the listing, she describes her Montecito home as her “sanctuary for respite and mental clarity.”
She added: “I go there to recharge, to daydream about what we’re building at Goop and to reconnect with my family and treasured friends.”
But the new luxury home didn’t please everyone, with one neighbor complaining to Page Six in 2016 that it was “too big, too tall and incompatible with the adjacent houses.”
Another said it caused “uproar with neighbors on all three sides.”
MAIN MANSION
The couple’s main occupancy is in Brentwood in a seven-bed, six-bath pad she originally bought with pop frontman Chris for $9,950,000 in June 2012.
Before the couple divorced and split up their assets, they took out two loans.
The first was for $5M upon purchase of the property, while the other was in 2015 for $4,680,000, both with City National Bank.
After their “conscious uncoupling,” the mansion was transferred to Gwyneth, who took on two further mortgages.
One for $6,160,000 in April 2021 and another for $3M in January 2022, again, both with City National Bank.
That’s a total of $18,840,000 in mortgages on the place she’s called home for the last 12 years.
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OTHER PROPERTIES
There’s also a clue in both Los Angeles and Montecito property deals that there’s credibility in rumors Gwyneth is looking to buy a property in Cornwall, England.
She was supposedly eyeing up pads in the trendy seaside town of Polzeath.
Both properties are jointly owned by two trusts: The Lighthouse Trust and Dozmary Pool Trust.
Dozmary Pool is an idyllic lake in Cornwall’s Bodmin Moor and is a designated Area of Outstanding Natural Beauty.
The U.S. Sun reached out to reps for Gwyneth for comment.
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