Will Smith and Jada Pinkett-Smith are on the cusp of breaking up for good - but it’s going to be a lot harder to split their huge property empire.
For we can reveal that the couple have shared their homes around with the children, but THREE of them are saddled with staggering mortgages.
Both Willow and Jaden have places of their own, but they come with multi-million pound home loans, which, thankfully for the kids, are in mom and dad’s name.
It’s not known if Jada, 52, and Will, 55, are even currently live together after she admitted this week they’ve been apart since 2016 when promoting her autobiography Worthy.
As they have a vast Los Angeles property portfolio then there’s no reason why they couldn’t live in different houses.
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Their most recent acquisition was in March 2021 in the gated community of Hidden Hills, home to the Kardashians and Jenners.
They bought the six-bed, seven-bath home with a pool, gym and games room for $11.3M. But, ten months after purchasing the swish pad, in January 2022, they refinanced and took out a $7,345,000 home loan with City National Bank, nicknamed ‘Bank to the Stars’, as it offers bumper loans to high-end clients at lower interest rates.
Will and Jada got a great rate of 2.39 per cent for ten years.
Like most stars, the property isn’t in their name, but a trust. The trustees are Jada’s mom Adrienna Banfield Norris and Michelle Morton, one of Hollywood’s top finance experts doing real estate deals for the likes of Adele.
They already had a home in Hidden Hills, which they bought for $3.4M in April 2003 and has five bedrooms and six bathrooms.
Lucky Jaden, who was only 18 at the time, hit the jackpot when it was reported in 2017 that he’d moved into the compound, but was causing havoc with local residents who said he and his entourage had “free reign” of the area and treated it like their "own personal kingdom”.
It appears Jaden, 25, is even more fortunate he’s not paying the TWO mortgages on the home, as they’re both in trusts linked to his parents.
One is for $955,000, dated June 2011 - and it was saddled with a further home loan in October last year for $1,350,000. That’s loans worth $2,305,000 - both with City National Bank.
If one child gets a home, the others are bound to ask and three years later, in August 2020, the couple bought a four-bed hillside property in Malibu for $3.1M, which daughter Willow, 22, moved into.
But there’s a catch, it comes with a $2,170,000 loan taken out two months after the purchase. Yet it looks like Bank of Mom and Dad pay again.
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The deal was done through Morton, Will’s business manager.
In total, the couple have taken out four mortgages worth $11,820,000.
The one to miss out is Will’s first son Trey, 30, from his relationship with Sheree Zampino, whom he split from in 1995.
Judging from social media, Trey is quite happy still to be living at his dad’s colossal crib, a sprawling estate in Calabasas.
This is mortgage-free, as it’s the one Will and Jada built themselves.
The Smiths bought several neighboring properties in the exclusive LA suburb and began turning them into one huge compound in 2003.
It took seven years to complete the project, which spans across 25,000 square feet of living space.
The estate boasts nine bedrooms, a home theater, a pool, an eight-car garage, basketball, tennis and volleyball courts and a sunken trampoline.
They listed the home in 2013 for $42M, before eventually deciding to keep it.
They also own a five-bed, six-bath place in Woodlands Hills, bought for $910k in 2010, which has no mortgage.
They have at least two places in Pennsylvania, bought for under $1M each in the nineties, and are rumored to own a luxury cabin in The Colony, an exclusive enclave of the ski resort Park City, Utah.
