The artist formerly known as Kanye West’s gutted Malibu mansion, which he reportedly purchased for $57 million in 2021, has been sold for $21 million.
As reported by TMZ, real estate sources have revealed that the Tadao Ando-designed beachfront property has sold for well less than half of what Ye originally purchased it for. He purchased the property in 2021 and completely stripped it down, reportedly in hopes of transforming it into a bomb shelter. However, he seemingly gave up on the elaborate project last year and eventually put it on the market for $53 million.
The mansion sat on the market for quite a while and failed to attract any buyers, which prompted Ye and his realtor Jason Oppenheim to take off $14 million from the asking price. They attracted interest from real estate crowdfunding firm Belwood Investments last month, with the company’s CEO, Bo Belmont, said to be investing $5 million into renovations.
“This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu,” said Bo Belmont in a statement at the time.
The mansion has proved to be a complicated project for Ye. In a report published by the New Yorker earlier this year, it was revealed that Ye planned to “remix” the home but instead ended up with a home lacking the essentials. He wanted to transform it into a minimalist architectural style and asked contractor Tony Saxon to remove the kitchen and bathroom among other amenities.
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One of the renovations Saxon was asked to do included turning a staircase into a foam slide. He filed a lawsuit against Ye after he reportedly wasn’t paid for his work and some of the damages he incurred after he was fired for safety concerns.
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