Gwyneth Paltrow
Her luxury renovation cost $22 million
Gwyneth Paltrow and Brad Flachuk have been married since 2018.
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Gwyneth Paltrow has created an oasis for herself in Montecito. The conversion is said to have been one of the most expensive renovations in Hollywood.
Is this the most expensive home renovation Hollywood has ever seen? Oscar winner Gwyneth Paltrow (51) and her husband Brad Falchuk (53) are said to have taken out a mortgage of $22 million to renovate their home in Montecito, California – and it’s just a vacation home. That reports the British newspaper “The Sun”.
The 1,300 square meter property is said to be worth only a quarter of the price of the renovation: according to the newspaper, Paltrow and Flachuk bought it in 2016 for $4.9 million. The complex project was completed last year after seven years.
Eco-villa replaces four-bedroom house
As part of the renovation work, the original four-bedroom house was demolished and replaced with an eco-villa, two guest houses and two garages. There is also an Olympic-sized swimming pool with a diving board and 2.36 hectares of land with 60 solar panels.
Montecito house is not a primary residence
Incidentally, the house is not the couple’s primary residence: Paltrow and Falchuk live in a seven-bedroom, six-bathroom mansion in Brentwood. Paltrow bought this house in 2012 for almost $10 million with her ex-husband Chris Martin (47), with whom she shares two children.
The actress also invested several million in this house: According to “The Sun”, she has taken out mortgages worth a total of $40 million in the past twelve years. After separating from Martin, the house was transferred to her. Paltrow has been married to Brad Falchuk, who works as a TV producer, since 2018.