Kanye West Sells Controversial Malibu Home for $21 Million

Kanye West has taken a $36 million loss on his Malibu residence, promoting it for $21 million simply three years after shopping for it.

The rapper, 47, initially bought the oceanfront property for $57.3 million in 2021 earlier than gutting it with plans to utterly overhaul the house.

California-based actual property crowdfunding agency, Belwood Investments, snapped up the house for the slashed value, The Real Deal first reported on Thursday, August 22.

“We’re extremely excited in regards to the acquisition of this property,” stated Belwood founder and proprietor Steven “Bo” Belmont by way of a press launch.

“This isn’t only a phenomenal actual property funding; it is a chance to revitalize and protect an architectural gem by the famend Tadao Ando, guaranteeing it stays a jewel of Malibu. This acquisition exemplifies Belwood Investments’ dedication to remodeling properties with historic and architectural significance whereas delivering distinctive returns for our traders.”

The corporate has been flipping houses since 2018 and is aiming to lift $5 million to revive the home to its authentic state then resell it for $40 million.

Initially designed by famend Japanese architect Tadao Ando, the home was controversially stripped down by West, who eliminated the home windows, doorways and inside finishes, leaving a concrete shell.

The musician was set on redesigning the home earlier than he modified his thoughts and put the gutted-out residence available on the market for $53 million in January.

Unable to promote at that quantity, West drastically dropped the asking value inside a number of months.

West had teamed up with Promoting Sundown star Jason Oppenheim in an try and shift the four-bedroom, five-bathroom property.

“It should take a number of million {dollars} for the home to be completed,” Oppenheim, 47, advised The Wall Road Journal in December 2023, including, “A lot of the architectural integrity and the architectural worth of the home exists.”

The posh residence was in-built 2013 by financier Richard Sachs, who offered the property for $75 million in 2020 earlier than West purchased it for $57.3 million a 12 months later.

“Finest identified for his minimalist constructions and his assured use of strengthened concrete, Ando’s trademark design of ‘smooth-as-silk’ concrete is wholly current within the construction and floor of the house,” reads an outline of the house on The Oppenheim Group’s web site. “Constructed of roughly 1,200 tons of concrete, 200 tons of metal reinforcement and 12 large pylons pushed greater than 60 toes into the sand with AD100 structure agency Marmol Radziner performing as government architect and basic contractor, the construction is an eternal beacon of permanence on California’s shoreline.”