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Have Jay-Z and Beyonce Rented Joe Farrell's Sandcastle?

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The NY Post is reporting that hip hop king and queen Jay-Z and Beyonce have rented Joe Farrell's gargantuan Water Mill Estate known as "The Sandcastle" for the month of August. According to the article, the pair has agreed to pay $400K for the monthly rental. Chump change for the couple?who's estimated worth is over $700M?but still, the proposed agreement is $150K less than what Farrell was asking. Also, when you consider that Cheryl Mercuris shelled out $500K to stay in the place for just two weeks back in 2010, it sounds like they actually got a deal.

· $400K Hamps heaven for Ivy [NY Post]
· Listing: Ultimate Estate by Farrell Building [My Hamptons Homes]
· All previous coverage of "The Sandcastle" [Curbed Hamptons]