AceShowbiz - Kanye West has sold his Malibu home for $21 million, taking a staggering $36 million loss on the property. The rapper purchased the oceanfront estate in 2021 for $57.3 million, intending to gut and renovate it. However, those plans were later abandoned, and West put the home back on the market this past January for $53 million.

When West initially bought the house, he reportedly had ambitious plans to remodel it, a move that drew controversy given its design by renowned architect Tadao Ando. However, he later changed his mind and decided to sell the property as is.

The buyer, Belwood Investments, is a California-based crowdfunding firm specializing in flipping homes. The company plans to restore the house to its original condition and resell it for $40 million.

Belwood's founder, Steven "Bo" Belmont, expressed excitement about the acquisition, calling it "an opportunity to revitalize and preserve an architectural gem."

West's financial setbacks come after he was dropped by Adidas and other business partners due to antisemitic remarks. Despite the losses, West reportedly still has a net worth of $400 million.

The sale of the Malibu home highlights West's tumultuous relationship with real estate investments. In recent years, he has also invested in a school and the porn industry. However, this latest loss raises questions about the wisdom and sustainability of his investment strategies.