Billionaire or not, Kylie Jenner has some buying power. While Forbes demoted the Keeping Up With the Kardashians star from her billionaire status last week, Kylie has certainly been living and spending like someone who has a billion dollars in the bank. While most of the world is in self-quarantine and counting their couch-cushion coins, the 22-year-old is rumored to have spent over $130-million this year. So what exactly did she blow all of that cash on?
After naming Kylie the youngest self-made billionaire in 2019 and 2020, and even putting her on the cover, Forbes, on May 29, published a searing article claiming that it discovered a "web of lies" surrounding Kris Jenner's youngest daughter's cosmetics company. In response the reality and social media star's attorney demanded a retraction from the magazine and insisted that the Forbes' article contained "outright lies."Forbes further alleged that Kylie Cosmetics forged tax returns, pointing out a discrepancy between the company's 2016 tax returns and those uncovered by Coty.
Related: Tensions at an 'All-Time High' Between Kris Jenner & Kylie Jenner amid Forbes Drama
According to Daily Mail, in spite of being the wealthiest Kardashian-Jenner, Kylie's older sisters are concerned about her spending habits, which can include adding to her collection of Birkin bags, which can range between $40K to $500K each. So where did she spend the whopping $130 million dollars on? She purchased a customized jet (costing somewhere between $50 to $70-million), a Holmby Hills compound for $36.5M, the vacant lot adjacent to her Hidden Hills property for $15M, and $3.25M of land in Palm Springs, which she plans to turn into a vacation home. While the make-up mogul may not be a billionaire, according to Forbes, she is estimated to be worth $900M, after personally earning an estimated $340M from the partial sale of her company in 2019.
The biggest purchase made by Stormi's media-savvy mom was a Global Express Jet, which is larger than a Learjet and designed to fly longer distances and carry more fuel. Kylie customized the interior of the potentially $70M aircraft to match the colors of Stormi's carnival-themed birthday. Beyond the sticker price and customization costs, the private plane could cost approximately $5M a year to maintain and is too large to take off and land at most private airports and airfields.
Beyond the beauty industry, though, Kylie has become a budding real estate mogul, collecting properties, such as her brand new $36.5M, resort-style Holmby Hills property. Best known as the neighborhood where the Playboy Mansion sits, the high-end area has been home to past and current celebrities. Purchased in April 2020, this 15,000 sq ft. mansion, previously owned by Miley Cyrus, boasts seven bedrooms, four guests houses, and a private guardhouse. Additionally, Kim K.'s baby sister bought the plot of land next to her existing Hidden Hills home. Continuing her trend to buy land and build, the Lip Kit founder also purchased land next to Kris Jenner's desert vacation home in La Quinta near Palm Springs at the lavish and exclusive Madison Club. Finally, she also still owns a Beverly Hills-based investment property with Travis Scott, father of Stormi, which they purchased for just over $13M, not to mention other previously bought-and-sold properties, which Kylie once lived in and flipped, gaining millions in profits along the way.
To put Kylie's finances into perspective, Kim Kardashian - the one who arguably launched their family empire, and the wife of Kanye West - is the second wealthiest with an estimated net worth of $350M. Khloé, Kourtney, and Kendall are all reportedly under $40M each. While Kylie certainly does like to spend, whether it is on purses or properties, she has also donated millions of dollars to charitable causes, including Smile Train, Nest of Love, and to COVID-19 and Australian Wildfire relief organizations. In spite of the controversy surrounding her pockets and purchasing power, while the young Keeping Up with the Kardashian star does seem to like to spend (and $900M affords her the luxury to do so), at least some of her purchases appear to potentially be wise investments.
Source: Daily Mail