Photo: Hilton & Hyland
Paris Hilton and her husband, venture capitalist Carter Reum, have just opened up on her podcast, ‘I am Paris,’ about their love for their newly-upgraded home in the lavish Beverly Park enclave in Beverly Hills, CA. They’ve made upgrades and personalized the space, but one thing they haven’t changed? The names on the deed to the home.
According to Dirt.com, who originally reported on the news, it doesn’t appear that Hilton and Reum have purchased their Beverly Park home – yet. Rather, it seems they inked a long term lease, perhaps one with a rent-to-own option.
Not familiar with rent-to-own? Check out our overview of how it works here. These are usually agreements between a property owner and a tenant, where the tenant pays monthly rent with the option to purchase the home at a later date for an agreed-upon price. While rent-to-own is most common among aspiring homeowners who may need more time to financially prepare for a home purchase, Paris and Carter may be giving the home a test-drive before they choose to buy it – another known benefit of rent-to-own agreements.
Celebrities, they’re just like us! Well, not quite. Records show the property was recently on the rental market, offered at a breathtaking rate of $160,000 per month. For comparison, the median home sale price in Q1 of 2023 was around $436,000, and Divvy tends to do rent-to-own agreements at an average purchase price of around $300,000.
What does one get for a $160,0000 a month rent-to-own estate? The newlyweds and new parents are now living in a Tuscan villa-style mansion with nearly 15,000 square feet of living space. Built in 1995 and last sold in late-2021 for $21.5 million, the 3.6-acre estate is currently owned by local investor Leonid Smirnov – but perhaps not for long.
Privacy is key for the ultra-famous Hilton, and the estate is surrounded by a lush canopy of subtropical landscaping and protected by huge driveway gates. Situated on 3.63 acres, the house has 7 bedrooms, 11.5 bathrooms, two separate motor courts, each with space for 10+ vehicles, plus an attached six-car garage. Aside from the standard amenities you’d find in any home, Hilton and Reum personalized the estate to their needs, adding a ‘wellness center’ with cryotherapy and facial machines and a red light therapy bed, a room dedicated to opening packages, and multiple studios.
Photo: Hilton & Hyland
On the recent podcast, Paris added that the couple really don’t have to leave the house very much at all anymore as they have “everything” they could need there. Her husband echoed the sentiment, saying, “This house, though, is amazing. I feel like we literally just never need to leave. We have each other, we have baby P,” Reum said.
Like many Divvy customers who choose rent-to-own in hopes of putting down long-term roots, it sounds like Hilton and her family are nestled into this new home for the long haul. While six-car garages and $160,000/mo California estates aren’t necessarily our area of expertise here at Divvy, we’re currently in 19 metros across the US – and you’re sure to find a home you love in one of those areas.