THE Kardashians have been slammed as “ridiculous” after it emerged that they have borrowed money to fund their property empire.
The U.S. Sun previously learned that Kim and her famous sisters had taken out massive home loans on their mega-mansions, which run to $132million combined.
The Kardashians have been slammed as “ridiculous” after it emerged that they have borrowed money to fund their property empireCredit: Instagram/kimkardashian
Kim took out a $48million mortgage on the $70million Malibu property she bought in September, which is undergoing a big renovationCredit: BackGrid
Last month, we revealed Kim had taken out a $48million mortgage on the $70million Malibu property she bought in September, which is undergoing a big renovation.
But this is just the tip of the iceberg, as sisters Kourtney, Kylie, and Kendall Jenner have also laden their luxury homes with vast debt, as has mom Kris.
In total, the family quintet has borrowed $132million, according to property records seen by The U.S. Sun.
Discussing the revelation on Reddit, one person said: “If they’re SOOO loaded why pay millions dollars worth of [cash emojis] on a home(s) PLUS interest.
“If they were anything they claim to be they could afford to pay off their homes since their billionaires????!!!!!” they added.
Other people were quick to comment on the thread and share their thoughts on the reasons behind it.
“I’m sure it was financially in their best interest but we don’t know enough about it to understand,” one person argued.
A second person claimed: “That’s what rich people do… they borrow against their assets. You can only get a loan of that amount if you’re loaded.”
A third person pointed out: “Millionaires and billionaires take loans on all big investments so they can write it off. Nothing to do with if they can afford it or not.”
A fourth Reddit user added: “I think they get a ton of tax breaks if I’m not mistaken. Taking out 132 million in cash is insane when you can have a mortgage and avoid taxes. I could be wrong though.”
Another claimed: “Because you can have your interests deducted on your salary when it’s a commercial mortgage because « they work there » lmao.”
Someone else fumed in a now-deleted comment: “The whole family is ridiculous I can’t. Out-of-touch and unnecessary.”
And a different person mocked: “How much do they pay to have people boast about them I wonder?”
KRIS’ PROPERTY PORTFOLIO
While filings show that Kris paid for her most recent $20million home in Hidden Hills outright, the same can’t be said for the house she bought in 2010 for $4million which was her long-term place for years, and featured heavily on Keeping Up With The Kardashians.
The momager borrowed $2.4million in October 2015 and $2.11million in March 2018, but just a few months later Kris went big on the borrowing.
Kris first of all took out a loan for $7.25million in August 2018.
But, the following month, that was superseded by a new agreement for a whopping $40million loan through the financial company Crosswind Venture Fund, which is ten times more than what she paid for the house.
Then, in January 2019, she borrowed $5.2million, and $5.25million in June of that year, according to property records.
As most celebrities want to keep their identity secret, their business manager is usually the trustee.
In this case, it’s Lester Knispel, who for years has been the Kardashians’ “money man”.
It’s worth noting that property records don’t show whether a “deed of trust” has been paid back, so Kris may have repaid some of the loans by March 2023.
Mom-of-four Kim often gives fans a glimpse of her plush homes on social mediaCredit: Instagram/kimkardashian
The family often hang out in each other’s lavish homes including Kris Jenner’s sprawling $20M LA mansionCredit: Hulu
Kourtney Kardashian inside her huge Calabasas mansion which she shares with her three childrenCredit: Instagram/Kourtney Kardashian