Madonna purchases another London home

Madonna's Confessions Tour grossed $195 million last year and she's putting her new money to good use. The popstar recently purchased a nearly $12 million 10-bedroom Georgian townhouse in the Mayfair area of London from famous developer Paul Davies. The house is next door to the eight-bedroom home she currently shares with husband Guy Ritchie and her three children. It unknown whether they plan to combine the two properties.

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An insider told the Daily Mail, "Madonna has been a very shrewd investor in property - this is her fourth in the area. She knows the prices are significantly lower than in Mayfair but that the area is coming up. She has said she'd like to buy the whole street. She was really keen to get her hands on this house because she knows once Paul Davies starts developing properties an area can skyrocket in price. She was calling him for eight months and her initial offers were rejected, but after a series of meetings he agreed to sell."

Madonna must truly trust Davies's judgment as she purchased the home from him at almost twice the price he paid for it the previous year. He had not even made any changes to the six-floor property, which boasts a vaulted artist's studio.

With this purchase Madonna owns a grand total of 7 homes, plus an additional two properties in London used by her Kabbalah organization. Her homes are in London, Ashcombe, Beverly Hills and New York City.

By Kate Lanahan posted time [10:46 AM]