Gwyneth Paltrow Took a $22 Million Loan to Renovate Her $5 Million Home; Here's How She Spent it

Although common Americans are finding it hard to rent, leave alone buy a house in major cities, celebrities in the country are known for their lavish homes as well as massive real estate holdings. Last year, Oscar winner Gwyneth Paltrow and her husband, film producer Brad Falchuk, completed construction on their Montecito residence which took seven whole years to finish. They paid $4.9 million for this huge property back in 2016.

All about the luxe property

Their 2.36-acre property is extremely remarkable, with an Olympic-sized swimming pool complete with a diving board. They have even placed 60 solar panels on a portion of their property. In November 2021, Paltrow and Falchuk took out a $22 million loan from City National Bank to finance their home renovation. This bank is renowned for offering well-known and rich customers excellent deals, and the funds were designated for their second residence under the loan terms.

Paltrow had put one of their guest cottages up on Airbnb for a single night in September of the previous year, back in August. She referred to it as a "Goop-inspired stay with Gwyneth Paltrow." When they arrived, guests could meet Paltrow, take a guided meditation class, and eat a dinner that was inspired by her Goop kitchen. Paltrow says she gets calm and clarity in her mind at her Montecito home. She visits to decompress, reflect on her work at Goop, and spend time with family and close friends.

However, not everyone was thrilled about their new luxury home. Some neighbors complained that it was too large, too tall, and didn't fit in with the surrounding houses. It stirred up quite a bit of disagreement among neighbors.

Gwyneth Paltrow's Brentwood residence

Paltrow lives in Brentwood, California, in a home with seven bedrooms and six bathrooms. In June 2012, she paid $9,950,000 for this property with her ex-husband, Coldplay frontman Chris Martin . Their Los Angeles residence has accrued four mortgages throughout the years, resulting in a $40 million total debt in less than a decade. They first took out two loans before getting divorced. A $5 million loan was obtained as the first when they purchased the property. They later obtained a $4,680,000 loan from City National Bank later in 2015.

The house was given back to Paltrow after they split and she took out two more mortgages . She took out loans of $6,160,000 in April 2021 and $3 million more in January 2022 from City National Bank. In total, Paltrow has borrowed $18,840,000 against the property she has lived in for the past twelve years.

Rumors of property purchase in Cornwall, England

There's a hint in the property transactions in both Los Angeles and Montecito that supports the rumors suggesting Paltrow is considering buying a property in Cornwall, England. Reportedly, she has been exploring homes in the fashionable coastal town of Polzeath. Interestingly, both her Los Angeles and Montecito properties are owned jointly by two trusts: The Lighthouse Trust and Dozmary Pool Trust. Dozmary Pool is a picturesque lake situated in Cornwall's Bodmin Moor and is recognized as a designated Area of Outstanding Natural Beauty.