Beaten out on 'most extreme home,' Jay-Z and Beyonce re-rent price-cut spec mansion, reports say

Beaten out on 'most extreme home,' Jay-Z and Beyonce re-rent price-cut spec mansion, reports say

Welcome back to the neighborhood, Jay and Bey.

Jay-Z and his wife, Beyonce, have just signed a one-year lease on the mansion they rented last summer in Los Angeles' Holmby Hills, according to TMZ.

That's after they were reportedly beaten out in a bidding war for "L.A.'s most extreme home" by Minecraft founder Markus "Notch" Persson.

They've been house-hunting in the area, reports suggest, while living out of a local hotel — but TMZ says they were sick of hotel life and decided to settle for a year in the mansion.

They're supposedly paying a mere $150,000 a month, down from the $200,000 or so they paid for about a month last summer.

The mansion is a spec house that was built by the same developer behind Milan's fashion district. Completed just a year ago, it was originally listed for sale in April at $48 million. But after three price cuts, it's now asking $35.5 million.

It measures about 16,000 square feet, with seven bedrooms, nine baths and a 75-foot "central gallery" touted as "ideal for an art collector," on about 1.3 acres.

Click here or on a photo for a slideshow of Jay-Z and Beyonce's Los Angeles home (at least for a year).

Related on Yahoo Homes:

Jennifer Lopez moves out as Kanye West and Kim Kardashian move in
Channing Tatum buys Princess Leia's old house, next door to Harry Styles and across the street from Real Housewife Lisa Vanderpump
Secret's out: Scarlett Johansson buys radically transformed L.A. house for her new family

Related video:

This Equinox fitness video was recorded at the property:

(Editor's note: An earlier version of this post said the house had gone off the market. Although Zillow no longer shows an active listing, other websites do.)