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Gwyneth Paltrow took out $22 million mortgage to renovate Montecito mansion: report

  2024-04-11 pagesixEileen Reslen41770
Introduction

Gwyneth Paltrow and her husband, Brad Falchuk, reportedly spared no expense to make their Montecito, Calif., mansion mee

Gwyneth Paltrow took out $22 million mortgage to renovate Mo<i></i>ntecito mansion: report

Gwyneth Paltrow and her husband, Brad Falchuk, reportedly spared no expense to make their Montecito, Calif., mansion meet their standards.

The Oscar winner, 51, and the TV writer, 53, took out a $22 million loan in November 2021 that required them to use all the funds on the $4.9 million property, according to the US Sun.

Per the outlet, City National Bank granted the funds to the couple via the Lighthouse Trust.

Gwyneth Paltrow and Brad Falchuk.
The Oscar winner reportedly acquired the loan with her husband, Brad Falchuk.
Gwyneth Paltrow and Brad Falchuk.
The couple bought the home together in 2016. FilmMagic

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The mansion was purchased for $4.9 million. Gwyneth Paltrow/AirBnB
Gwyneth Paltrow's house.
It features a guesthouse that Paltrow once listed on Airbnb. Gwyneth Paltrow/AirBnB

The guesthouse on the Goop founder’s property has been a hot topic in the past, as it was listed on Airbnb for the public to enjoy last August.

“My Montecito home is my sanctuary for respite and mental clarity. I go there to recharge, to daydream about what we’re building at goop and to reconnect with my family and treasured friends,” Paltrow wrote in the short-term rental’s listing at the time.

“Whether you’re seeking a place for unexpected connection or for well-deserved solitude and reflection, when you come to stay, I hope you’ll get as much joy out of the home as I do.”

Gwyneth Paltrow's house.
All of the loans funds reportedly had to go toward renovations. Gwyneth Paltrow/AirBnB
Gwyneth Paltrow's house and pool.
Paltrow made sure the home, which features an Olympic-sized pool, was “eco-friendly.” Gwyneth Paltrow/AirBnB

She concluded, “Plus, I’ve loaded up your stay with some of my favorite goop essentials to nourish your body, mind and soul.”

The one-bedroom, one-bath guesthouse was available for one-night stays from Aug. 19 to Sept. 9.

In a paid partnership on Instagram, Paltrow also shared video of the home, which featured a soaking tub, wood-burning fireplace and vaulted ceilings.

While a few lucky guests reaped the benefits of the “Shakespeare In Love” star’s renovations, not all of her neighbors were pleased with the work that went into the property.

Gwyneth Paltrow.
Paltrow said on her Airbnb listing that the Montecito property is her “sanctuary for respite and mental clarity.” gwynethpaltrow/Instagram
Gwyneth Paltrow.
“I go there to recharge, to daydream,” she also said. gwynethpaltrow/Instagram

Page Six exclusively reported in 2017 that a spokesperson for fellow resident Michael MacElhenny told us at the time, “She’s created an uproar with neighbors on all three sides,” noting that the new building was allegedly too big, too tall and incompatible with the adjacent houses as it blocked others’ views.

Meanwhile, Paltrow’s designers have raved online about the work they did on the Montecito home.

“Roman and Williams have had a long collaborative relationship with Gwyneth Paltrow, having designed her Tribeca apartment, and the first three retail spaces–two temporary and one permanent–for her brand Goop,” they explain on their website.

Gwyneth Paltrow with Brad Falchuk and his son.
Paltrow’s designers said they considered how the family lives when helping create the space. gwynethpaltrow/Instagram
Apple Martin with Gwyneth Paltrow and her stepson.
They also said “their particular experience of home and their needs” were taken into account. gwynethpaltrow/Instagram

“For their second residence for Paltrow, they helped her achieve a lifelong dream of building a house from the ground up, designing the architecture and interiors for her family home on a generous parcel of land in Montecito, California.”

The New York-based design studio also note they took careful “consideration to how the family lives, their particular experience of home and their needs, and how to bridge comfort and beauty.”

They added, “Like the building itself, the interior transcends archaic ideas of traditional and contemporary, as well as elegance and coziness, delicate details and strong lines.”

(By/Eileen Reslen)
 
 
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