Featured Image Credit: Bellocqimages/Bauer-Griffin/GC Images/The Oppenheim
Topics: Kanye West, Money, US News, Property
Poppy Bilderbeck
Topics: Kanye West, Money, US News, Property
Kanye West bought a house for $57 million but it was sold for less than half of that and there's a pretty big reason why.
In 2021, West - who now goes by Ye - purchased a house on Malibu road's beachfront for a whopping $57.3 million.
The 4,000 square-foot 'smooth-as-silk' concrete house is reported by Forbes as having been designed by Japanese architect Tadao Ando.
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Ye bought the property for nearly $60 million off Richard Sachs according to Architectural Digest and then proceeded to make some rather big adjustments to it.
The rapper is reported as having completely gutted the house, ridding it of 'all interior finishes' such as its floor-to-ceiling windows and plumbing.
However, rather than finishing whatever it is he was planning on doing with the property, Ye then listed the house on the market in January 2024 for a staggering sum.
Ye listed the abode for a whopping $53 million. Unsurprisingly, no one was interested and so in April, the price of the house had to be lowered.
The price was cut to $39 million by Selling Sunset realtor Jason Oppenheim and remains listed on The Oppenheim Group's website.
The website states the building consists of '1200 tons of concrete, 200 tons of steel reinforcement and 12 massive pylons driven more than 60 feet into the sand' branding the building 'an everlasting beacon of permanence on California's coast line'.
However, even that wasn't enough to sway potential buyers, with the house since having been bought, but at an even lower price point.
TMZ reports real estate investment company Belwood Investments - based in California - snapped up the house, but paid far less than Ye originally bought it for - coughing up a still eye-watering, but just 36.6 percent of what Ye paid - $21 million.
A press release from Belwood Investments, obtained by TMZ reads: "This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu."
The company is reportedly planning on investing $5 million into the property to get it back up to scratch after Ye's 'redecorating'.
The Oppenheim Group resolved the house is 'an exceedingly rare architectural achievement that should be seen as a masterful work of art, rather than just a residence'.
UNILAD has contacted Belwood Investments and Ye's representatives for comment.