The Kardashians despite their enormous wealth have apparently been taking out home loans for their luxury properties. According to the US Sun, collectively the family has taken out some $132 million in loans.
Their richest sibling Kim Kardashian took out a $48 million mortgage on their $70 million Malibu property in September.
Kris Jenner reportedly paid $20 million for her home but the home that was featured in Keeping Up with the Kardashians was purchased for $4 million which was her long-term place for years. Apparently loans were also taken out for that home amounting to $2.4 million in October 2015 and $2.11 million in March 2018.
The Sun reported that she borrowed more money after this, bringing her loan amount to $62.21 million. The loan was secured by property and other assets and the borrowing was done through trust deeds.
Kylie Jenner is also reputed to have taken a loan of $7.5 million while Kourtney Kardashian took out a long for $7.45 million. Meanwhile Kendall Jenner is said to have the lowest loan amount at $4.625 million.
Net Worth And Home Loans
How much are the Kardashians really worth? Kim Kardashian has a net worth of $1.2b and is the richest person in the family.
Here’s a list of the others and their net worth. (Excerpt from Reality Titbit)
Kim Kardashian – $1.2b
Kylie Jenner – $600m
Kris Jenner – $190m
Kourtney Kardashian – $65m
Khloe Kardashian – $60m
Kendall Jenner – $60m
In total, the family has a collective net value in the region of two billion.
Fans had mixed reactions to the fact that the Kardashians had to ‘borrow’ money. One fan said, “They are smart, they know what they are doing.”
Other People Money
Another person said, “The secret is never to use your own money. That’s how you become a billionaire.”
“If I’m ever rich, I’m doing it their way. They’re smart,” said another.
Not all felt the same way though with one fan saying, “Cancelled with a K.”
According to Los Angeles realtor and CEO of RubyHome Luxury Real Estate, Tony Mariotti celebrities like the Kardashians often take on what appear to be huge financial risks (including home loans)– but he says this could lead to bigger returns on their investments.
“Taking on debt always carries risk. Even riskier is when the loan amount exceeds the value of the home. Kris is levering up more than the other family members, and leverage needs to be managed well, or it can blow up in your face.”
“You have to admire Kris’ tolerance for risk though. No one gets ahead without making a few business bets.
“I think for entrepreneurs, the cost of doing nothing is more painful than pushing your chips into the middle of the table and seeing if you’ve got your winning hand.”
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NOTE: The photo above is from YouTube screen grab