- Paltrow paid just $4.9M for the property, though she demolished it and rebuilt
- The massive renovations are for the home she considers her second residence
- Paltrow reportedly has four mortgages on her primary residence as well
Gwyneth Paltrow has obtained a massive mortgage to help update her mansion in Hollywood — and its worth far more than the house originally cost.
The 51-year-old Oscar winner and her husband Brad Falchuk, 53, took out a $22 million mansion to help pay for renovations, according to The Sun.
That could make her changes to the property one of the most expensive ever in the area.
But the value of the mortgage — as well as the presumed cost of the intended renovations — is particularly shocking, as the mansion was bought for only around $4.9 million, meaning Gwyneth is spending more than four times what her home cost to update it.
The couple, who married in 2018, bought the property in 2016.
They then demolished the four-bedroom home originally located on the 2.36 acres of land and began constructing the current mansion, which was completed last year after seven years of construction.
According to The Sun, Gwyneth and her TV producer husband obtained their mortgage in November 2021 from City National Bank, which has a reputation for giving wealthy stars favorable deals.
The new mansion was designed to be eco-friendly, and they supplanted it on the property with two guest houses and double garages.
The environmentally friendly home fittingly coms equipped with a bank of 60 solar panels on the opposite side of the property.
The sizable space is also decorated with a luxurious swimming pool complete with a diving board.
When Gwyneth obtained the mortgage, it reportedly stipulated that the Hollywood mansion would be used as a second home for the couple.
Their primary residency is a seven-bedroom, six-bathroom mansion in tony Brentwood.
Gwyneth purchased the property in 2012 or $9.95 million with her ex-husband, Coldplay frontman Chris Martin, whom she ‘consciously uncoupled’ from in 2014, with their divorce finalized in 2016.
Notably, she has significant debt accrued on that home as well.
Paltrow has taken out multiple loans and mortgages on the Brentwood property, and combined with the mortgage on her second home, they are worth a reported $40 million in total.
Prior to her divorce from Chris, the two took out two loans. Their first loan was worth $5 million immediately after purchasing the mansion, while the second one was reportedly obtained in 2015 for $4,680,000.
As with the new mortgage, City National Bank financed both loans.
Gwyneth got the mansion in the divorce, and she subsequently took on one mortgage for $6,160,000 in April of 2021, before going back for a second mortgage worth $3 million in January 2022, less than a year later.
Gwyneth’s total mortgage values at her primary residence amount to $18,840,000.
The Sun also reported that Gwyneth may be looking to snatch up a home in Cornwall, England, after checking out locations in the seaside town of Polzeath.
Gwyneth shockingly put part of her second home — with the $22 million mortgage — up for rent recently.
In August of 2023, the Royal Tenenbaums actress put one of the two guest houses on Airbnb, with the listing described as a ‘Goop-inspired stay with Gwyneth Paltrow.’
However, the Gwyneth factor was minimal, as the fine print clarified that the date in September 2023 was only a single-night listing, and she would only be introducing the lucky guest to the property.
The guest could expect the star to ‘greet you upon your arrival,’ before they were invited to ’empower your mind with a guided transcendental meditation session.’
They were also treated to upscale dining with a ‘Goop kitchen-inspired meal.’
The listing also gave a clue to how Gwyneth views her second home, as it called the mansion a ‘sanctuary for respite and mental clarity’ to her.
‘I go there to recharge, to daydream about what we’re building at Goop, and to reconnect with my family and treasured friends,’ she wrote.
