. He bought the place for $7.3 million last year, and had no intention of renting it out to anyone. But when a property management firm he works with inquired with an offer for $500,000 a week, Malaspinas couldn’t say no. And at the time, he didn’t even know it was Rihanna who would be shacking up in his home.
Similar deals have played out across the country, as stars and notable names try to find getaways that meet their exacting standards. In the summer of 2020, Mariah Carey rented a Bedford Corners, New York home owned by the former financial exec Jay Dweck. For $125,000 a month, the singer was able to enjoy the property’s six bedrooms, theater, 900-gallon aquarium, and violin-shaped swimming pool. Dweck, meanwhile, relocated to an Airbnb.
At the end of the day, the quick turns and need to abandon ship might not be so bad for homeowners, though. Malaspinas said that the income he gained from Rihanna’s stay will cover his mortgage payments for two years. And he hasn’t actually moved back into his Paradise Valley home just yet—offers of “crazy amounts of money” have come in for him to sell the place.
So although his rental allowed Rihanna to lie low for the week, it’s given Malaspinas more visibility than ever.
Source: News Formal (newsformal.com)
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