Adele has taken out a massive $37.7million mortgage on the luxury Los Angeles mansion she bought from Sylvester Stallone for $58million in February, DailyMail.com can reveal.
The eight-bedroom, 12-bathroom home in the exclusive Beverly Park area is saddled with a massive home loan for the next 30 years, according to the deed of trust.
It is estimated Adele is paying $227,000 per month – including property taxes and an assumed five percent interest rate – which is a big sum even for the singer, whose net worth is estimated at $183million.
The 34-year-old may now be more eager than ever to get her postponed Las Vegas show up and running in November at The Colosseum, in Caesar’s Palace. She will reportedly be earn $1million per show – which would no doubt help with those hefty payments.
In May, Adele confirmed she and boyfriend Rich Paul moved in together after a year of dating by sharing a snap of them outside her new home.
The singer shared a series of loved-up snaps of the couple, including one where they both held up the keys to their abode.
In January, Adele tearfully told her fans in a video that her highly-anticipated Las Vegas residency was canceled just 24 hours before she was set to hit the stage at Caesar’s Palace.
But just last month, she announced its return and she told her fans she was desperate to make the concerts happen.
‘Words can’t explain how ecstatic I am to finally be able to announce these rescheduled shows. I truly was heartbroken to have to cancel them,’ she said.
‘But after what feels like an eternity of figuring out logistics for the show that I really want to deliver, and knowing it can happen, I’m more excited than ever!’
Her show is expected to run from November 18 until February 24, 2023.
The home purchase was Adele’s fourth in Los Angeles after buying three properties next to each other in the exclusive Beverly Hills suburb of Hidden Valley, also home to movie stars Jennifer Lawrence, Penelope Cruz and Nicole Kidman.
The loan for her latest home was provided by City National Bank, which prides itself as the ‘Bank to the Stars.’ According to its website, CNB, a subsidiary of the Royal Bank of Canada, offers ‘super jumbo loans’ with discounted deals for those have a ‘special relationship’ with the bank.
Its HQ is located in Los Angeles and CNB gained a reputation as the celebs’ preferred bank after it worked with the FBI to advance $240,000 ransom money to Frank Sinatra when his son Frank Jr was kidnapped in 1963, who was released unscathed two days later.
Since then, hundreds of movie and music industry players have used its services.
Last October, Adele told Vogue that she couldn’t afford real estate in her hometown of London, saying: ‘The kind of house I have in LA I could never afford in London. Ever.’
Adding that when she lived in London, most of her time was spent ‘in a car or inside a building,’ and that she wanted to be somewhere with ‘fresh air and somewhere where I could see the sky.’
Ironically, according to the title deeds on her two next-door terraced properties in Kensington, they don’t even have a mortgage and were paid for outright.
The star bought one pad for $6.9million in 2012 and a year later purchased the adjoining one for $6.57million.
It appears that the mortgage she’s been saddled with in Los Angeles is much higher than a lot of the properties offered in London.
Sly Stallone’s former property is now owned by The BPT Trust, with Melissa Morton named as the trustee.
Morton is managing director and partner at Gelfand, Rennert & Feldman, Adele’s business management company.
Morton is also named as the co-purchaser of the property Adele bought from Nicole Richie in May last year for $9.95 million. So far in the US, Adele has been buying up property using trusts linked to Gelfand, Rennert & Feldman.
Richie’s former place is situated next-door to the first home Adele bought in 2016 for $9.5million, which has four-bedrooms, six-bathrooms, a pool and summerhouse.
After splitting up from ex-husband Simon Konecki in April 2019, she bought the six-bed property opposite for $10.65 million, which he is reportedly living in to be close to his former spouse and their son Angelo.