PHOTO: Kanye West and Wife Bianca Censori
Rapper and fashion designer Kanye West, now known as Ye, is parting ways with his Tadao Ando-designed Malibu home, selling it for $78.2 million, a few years after spending $84.5 million on the coastal property.
Insiders suggest that various factors, including West’s financial challenges, influenced his decision to sell the unique oceanfront residence, even at a financial loss.
“The cash flow isn’t exactly flowing at the moment,” disclosed a source, shedding light on West’s motivations.
West acquired the beachfront property in 2021 and initiated an ambitious renovation project, which remains unfinished. Jason Oppenheim of the Oppenheim Group and “Selling Sunset” revealed that the approximately 372 sqm dwelling requires significant work, including windows, doors, plumbing, electrical, HVAC, and interior finishes.
“It will take several million dollars for the house to be finished,” Oppenheim explained, portraying a mansion in need of financial intervention. Despite the incomplete state, he emphasized the enduring architectural integrity and value of the house.
The front of Kanye’s Malibu home. Pictures: Realtor/Getty
Originally conceived in 2013 by Wall Street figure Richard Sachs, the property underwent seven years of meticulous planning, permitting, and construction before being offered by Sachs for $75 million in 2020. Crafted from Pritzker Prize-winning architect Ando’s signature smooth concrete, the three-story house features four bedrooms, expansive windows facing the water, and an additional 140 sqm of deck space.
CELEBRITY: Kanye West wants to be ‘one of the biggest real estate developers of all time’
However, West’s challenges extend beyond the incomplete renovation. In September, he faced legal troubles when a contractor/caretaker sued him, alleging harsh working conditions and 16-hour workdays. The contractor claimed dismissal after refusing to replace the home’s electrical system with generators, citing a potential fire hazard—an accusation West denied.
The home backs right onto the water. Pictures: Realtor
Despite controversies, including past backlash for anti-Semitic remarks, West’s upcoming album, “Vultures,” is scheduled for release in December.
While Malibu’s median home sale price experienced a 21.3% drop in November, plummeting to $3.5 million, Oppenheim asserts that the market is resilient, countering the downward trend. In a parallel move, power couple Beyoncé and Jay-Z acquired their own Ando-designed paradise in Malibu for $300 million earlier this year.