Kanye West, now known as Ye, recently sold his Malibu mansion for $21 million, a staggering loss considering he purchased it for over $57 million just three years prior. The property, once valued at around $53 million when listed in January, saw its price slashed significantly by April to $39 million before finally selling for just 40% of its original value.
According to CoStar Homes, the mansion went under contract on July 25th, 2024, selling for 60% less than its initial asking price, yet still surpassing the buyer’s offer of $20 million. The new owner is Belwood Investments, a real estate firm that has plans to renovate the property, which was noted for its architectural significance designed by renowned Japanese architect Tadao Ando.
Bo Belmont, CEO of Belwood Investments, has criticized Ye’s decision to demolish various parts of the home, calling it “foolish.” Belmont stated that they aim to restore the damaged property back to its original condition before listing it again, estimating renovation costs between $6 million and $8 million and a timeline of 12 to 14 months for completion.
The luxurious three-story mansion features 4,000 square feet of living space, breathtaking ocean views through its expansive windows, and an additional 1,500 square feet of outdoor space. Initially celebrated as a rare architectural masterpiece, the property garnered considerable media attention when Ye stripped it down to its concrete foundation, removing all interior fittings, windows, and air conditioning systems. This drastic action drew criticism and fascination alike.
Belwood Investments reassured potential buyers that the restoration would be manageable, citing that they had already contacted the original builders to ensure the house would be reconstructed to its former glory. Despite this financial setback, Ye appears unfazed; he is currently on a world tour and recently performed with his family in Hainan, China, where tickets sold out rapidly, reflecting his enduring popularity.
