Los Angeles, May 23 (IANS): Star couple Jay-Z and Beyonce Knowles purchased their $200 million mansion with cash.

They recently splurged on a 30,000 sq ft abode in Malibu from art collector William Bell, and insiders have told TMZ they don't have a mortgage on the property, reports aceshowbiz.com.

However, this may not come as a surprise as the '99 Problems' hitmaker is worth around $2.5 billion, in part due to his alcohol brands Ace of Spades and D'Usse, his fine art collection, and his own back catalogue, while his wife's music and movie career have seen her amass a fortune close to $500 million, which is only set to increase with her ongoing 'Renaissance' tour because the concert series is expected to generate more than $1 billion.

It was revealed last week that the property deal was the most expensive home in the state of California, breaking the old record of $177 million, and it is the second-highest ever real estate deal in the entire country, behind the 238 million pounds sale of an apartment in New York.

But Jay and Beyonce may think they have received a bargain because the property - which sits on an eight-acre property overlooking the Pacific Ocean in the Paradise Cove area - was listed for $295 million.

Former owner William took almost 15 years to build the all-concrete property, which was designed by Japanese master architect Tadao Ando.

Back in 2017, Beyonce and Jay - who married in April 2008 - splashed out $88 million on a mansion in the Bel-Air area of Los Angeles, and spent millions on the property to boost its value to more than $100 million.