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. This is reported by 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.
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.
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.
