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Karl & Jasmine Stefanovic’s renovation nightmare

They ploughed through millions in a single week!
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Everyone knows that home renovations, big or small, can put a strain on any marriage, and it seems Today host Karl Stefanovic and his wife Jasmine’s big plans to build a luxury mansion on Sydney’s posh North Shore is already creating plenty of tension, a close source reveals.

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“It’s only early days and before a single brick has even been laid there’s mounting pressure, especially on Karl, with budget blowouts, and then the worst news of all that their dream mansion could take more than two years to build,” the insider tells Woman’s Day.

“Any couple who’ve been through a reno knows that things don’t always go to plan – but in the case of Karl and Jasmine, there’s so much riding on this because they’re ploughing millions of dollars into this project and there’s only so much money in the kitty to spend.”

Their $3.2 million Castlecrag home is now completely demolished, and the couple have plans to turn it into a modern mansion. (Credit: Media Mode)

RENO RUMBLING

For Karl, 50, and Jasmine,40, who usually agree on just about everything, it seems that for the first time in their six-year marriage they’re not on the same page.

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Purchasing their 1960s brick-built home in early 2021 for a whopping $3.2 million in the Sydney suburb of Castlecrag, it’s been the cost of demolishing the unrenovated digs, and the soaring price tag on the rebuild that has left many wondering if indeed they have taken on too big of a dream project.

“Karl earns a rumoured $2 million a year but that can only go so far,” explains the source. “No one can understand why anyone would pay millions for such a lovely family home, then spend another $100,000 to demolish it, before forking out another $5 million on rebuilding a massive four-storey five-bedroom mansion when it’s only going to house Karl, Jasmine and their young daughter Harper!

“Do the sums – that sort of financial pressure, which also includes the ongoing costs of their $4 million beach pad in Noosa – Karl has every right to be worried. The last thing he wants is to disappoint Jasmine, who longs to have the sort of luxury digs that will have their celebrity circle of friends green with envy!”

“Karl earns $2m a year, but that can only go so far.” (Credit: Backgrid)
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TIGHTENING THE REINS

While Karl appears to have job security, at least for now, there are mounting concerns at Nine after Karl’s Today colleague, sports presenter Alex Cullen, was abruptly stood down during the recent Australian Open for accepting a $50,000 gift from billionaire businessman Adrian Portelli.

In the stunt, Alex supposedly won the cash reward for being the first member of the TV media to call the colourful developer “McLaren Man” rather than his normal tag “Lambo Guy”.

Alex was on a live cross from the tennis back to Karl and Sarah in the Sydney studio when he uttered the fateful words, however, he wasn’t the only one!

After learning of the prize up for grabs, Karl also reportedly repeated Adrian’s new moniker, jokingly telling Alex he’d split the winnings with him if Adrian followed through with his payout promise. The $50,000 has since been donated to charity by Adrian, however, the backlash may have major repercussions on Karl.

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“What it has done is made Nine’s new bosses tighten the reins,” our source explains, adding that any of Karl’s lucrative side hustles or sponsorship deals away from his usual contractual obligations “could soon be banned” which could put the star under financial strain.

“He’s moved the family into a $5 million pad paying $3000 a week for a four-bedroom luxury home! If the renovations do blow out to be a two-year build, that’s another $70,000 just for rent – it’s no wonder tensions are mounting!”

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