The Yeezy designer has offloaded his Malibu estate, which he had originally purchased the estate for $57.3 million in 2021, after years of controversy and renovations that left it in disrepair.
- Aug 28, 2024
AceShowbiz - Kanye West has finally parted ways with his controversial Malibu mansion, albeit at a significant loss. Belwood Investments purchased the property for $21 million, marking a substantial drop from the original asking price of $53 million. West had originally purchased the estate for $57.3 million in 2021 and embarked on extensive renovations, gutting the fixtures and furnishings.
However, the renovations were abruptly halted in 2022, leaving parts of the structure exposed to the elements. Belwood Investments acknowledged the "unfinished renovations and subsequent damage" in their press release. This, combined with West's financial struggles, forced him to slash the asking price in half.
The Malibu saga has been marked by controversy, with former property manager Tony Saxon suing West for unsafe work conditions and unreasonable demands. West had also expressed plans to turn the estate into a "Bat Cave" to protect himself from the Kardashians and Clintons.
Despite the eventual sale, West's current living arrangements remain unclear. Some reports claim he resides in a Los Angeles apartment, while others suggest a $2.2 million ranch in Calabasas.
The Malibu mansion debacle is not the only recent real estate transaction for West. He sold his Wyoming ranch for $14 million in June, reportedly due to its disrepair.
Belwood Investments CEO Bo Belmont expressed plans to restore the Malibu house to its former glory. He stated, "This is not just a phenomenal real-estate investment. It is an opportunity to revitalize and preserve an architectural gem by the renowned Ando."
Despite the sale, the Malibu mansion saga may not be over entirely. The estate is still facing a lawsuit from Saxon, leaving the final chapter of this bizarre tale yet to be written.
