Updated December 20th, 2023 at 19:38 IST
Kanye West puts his Malibu house for sale at a loss of $53 million? Here's what we know
Kanye West puts up his Tadao Ando-designed Malibu home for sale at a reduced price after a costly gut renovation amid legal disputes.
Rapper and provocateur Kanye West, also known as Ye, has recently put up his Malibu residence which is a Tadao Ando-designed marvel for sale. As reported by the Wall Street Journal. Acquired just two years ago for $57.25 million, the property is now listed for $53 million, signalling a surprising decrease in value.
Reportedly, Kanye embarked on a significant renovation project after purchasing the property in 2021, opting for a gut renovation that, as of now, remains incomplete. This type of overhaul involves stripping a structure down to its fundamental framework and redesigning it entirely, which includes revamping layouts and essential systems like electrical, plumbing, and HVAC.
Kanye West lists Malibu house for sale
Jason Oppenheim, the listing agent from the Oppenheim Group, highlighted the extensive work required to complete the property. He emphasized that finishing the 4,000-square-foot house would demand substantial investments in essentials like windows, doors, interior finishes, and critical systems such as plumbing and HVAC.
Describing the current state of the house as a "blank canvas," Oppenheim noted that despite the incomplete renovation, the property still retains considerable architectural value from its original design. However, details surrounding West's decision to sell the property remain undisclosed.
Previously crafted by notable Wall Street figure Richard Sachs over seven years, the three-story residence boasts four bedrooms, expansive waterfront views through large windows, and an additional 1,500 square feet of deck space. Sachs initially listed the property for $75 million in 2020 before Kanye's acquisition.
Kanye faced legal trouble
However, Kanye West faced legal trouble related to this property in September. A contractor, who doubled as a live-in caretaker for the mansion, filed a lawsuit alleging gruelling work conditions, including 16-hour workdays and substandard living conditions. The lawsuit detailed the contractor's dismissal after refusing to replace the electrical system with large generators, citing fire safety concerns. Kanye refuted these allegations.
The sale of this prestigious property, amid ongoing renovation complexities and legal disputes, underscores Kanye West's foray into real estate and the challenges encountered during his ambitious renovation endeavours.
Published December 20th, 2023 at 19:38 IST