Gwyneth Paltrow takes out $22 million mortgage to cover house renovations – which is more than FOUR TIMES what her Montecito mansion originally cost

Gwyneth Paltrow got a huge mortgage to help update her Montecito mansion, and it’s worth a lot more than the house originally cost.

The 51-year-old Oscar winner and her husband Brad Falchuk, 53, have rented a $22 million mansion to help pay for renovations. The sun.

That could make her changes to the property among the most expensive ever in the area.

But the value of the mortgage – as well as the supposed cost of the proposed renovations – is particularly shocking, considering the mansion was purchased for only about $4.9 million, meaning Gwyneth spent more than four times what her house cost to to fix it up.

The couple, who married in 2018, purchased the property in 2016.

The mortgage, which was for renovations, was shockingly expensive, as she only bought the property for $4.9 million; on March 8 in LA

They then demolished the four-bedroom house that originally stood on the 2.36 hectares of land and began building the current mansion, which was completed last year after seven years of construction.

According to The Sun, Gwyneth and her TV producer husband obtained their mortgage in November 2021 from City National Bank, which has a reputation for giving wealthy stars favorable deals.

The new mansion has been designed to be environmentally friendly and they have replaced the grounds with two guest houses and double garages.

The eco-friendly home is suitably equipped with a row of 60 solar panels across the street from the building.

The substantial space is also furnished with a luxurious swimming pool, complete with diving board.

When Gwyneth got the mortgage, it was reportedly stipulated that the Montecito mansion would be used as a second home for the couple.

Their primary residence is a seven-bedroom, six-bathroom townhouse in Tony Brentwood.

Gwyneth purchased the property in 2012 for $9.95 million with her ex-husband, Coldplay frontman Chris Martin, from whom she “consciously separated” in 2014, and their divorce was finalized in 2016.

Gwyneth and her husband Brad Falchuk (pictured on January 4 in LA) demolished the house and rebuilt an eco-friendly mansion with solar panels, two guest houses and double garages

They also have a primary residence that she purchased with her first husband Chris Martin in 2012 for $9.95 million. Gwyneth also has four mortgages on that property

It is striking that she has also built up significant debts on that house.

Paltrow has taken out multiple loans and mortgages on the Brentwood estate, and combined with the mortgage on her second home, these are reportedly worth a total of $40 million.

Prior to her divorce from Chris, the two took out two loans. Their first loan was worth $5 million immediately after purchasing the mansion, while the second was reportedly obtained in 2015 for $4,680,000.

As with the new mortgage, City National Bank financed both loans.

Gwyneth got the mansion after the divorce, and she then took out a $6,160,000 mortgage in April 2021, before returning for a second mortgage worth $3 million in January 2022, less than a year later.

Gwyneth’s total mortgage value on her primary home is $18,840,000.

The Sun also reported that Gwyneth may be looking for a home in Cornwall, England, after visiting locations in the seaside town of Polzeath.

Gwyneth recently shockingly put part of her second home – with the $22 million mortgage – up for rent.

In August 2023, the Royal Tenenbaums actress listed one of two guesthouses on Airbnb, describing the listing as a “Goop-inspired stay with Gwyneth Paltrow.”

The Gwyneth factor was minimal, however, as the fine print made it clear that the September 2023 date was a one-night listing only and that she would only be introducing the lucky guest to the property.

The mortgage on the first house is $18,840,000, and combined with her last mortgage, she has taken out more than $40 million in loans; seen in December 2023 in Saudi Arabia

After consciously uncoupling from Martin in 2014, Gwyneth and Brad bought the second home in 2016, before getting married in 2018; seen in 2019 in NYC

The guest could expect the star to “greet you upon your arrival,” before being invited to “empower your mind with a guided transcendental meditation session.”

They were also treated to luxury dining with a ‘Goop kitchen-inspired meal.’

The entry also gave a glimpse into how Gwyneth views her second home, as it called the mansion a “refuge for tranquility and mental clarity” for her.

“I go there to recharge, to daydream about what we’re building at Goop, and to reconnect with my family and dear friends,” she wrote.