Malibu, Calif., locals are buzzing about the mansion Jay-Z and Beyoncé have holed up in with their new babies, sources tell the New York Post.

The rent is reportedly $400,000, which some residents think is overblown.

“In the past, it rented for probably $250,000 max,” said an insider.

Then again, the recording royals are not your usual renters.

Said a source: “They literally have a full staff on the property — housekeeping team, chef, and one of Beyoncé’s old assistants is now the full-time nanny/assistant for Blue Ivy, while each of the twins gets their own baby nurse.”

The source added of the pad: “It ­rivals only Cher’s residence as one of the most magnificent in Malibu.”

Click here to read more in the New York Post.