Kanye West, now known as Ye, has recently made headlines with the sale of his luxurious Malibu home, which he originally purchased for over $57 million. The property has now been sold for just $21 million, marking a staggering loss of more than $30 million within a mere three years.
According to CoStar Homes.com, Ye sold the mansion for less than half of its original value. The sale contract was signed on July 25, representing a 60% reduction from the initial listing price, although it exceeded the buyer’s opening bid of $20 million.
Midland Daily News reported that the new owner, Belwood Investments, a real estate investment firm, has completed the transaction and is planning a restoration project for the property. Bo Belmont, the firm’s CEO, commented that Ye’s decision to demolish parts of the house was “foolish.” They intend to restore the damaged property to its original state and relist it, estimating renovation costs between $6 million and $8 million, with a timeline of 12 to 14 months for completion.
The 4,000-square-foot beachfront estate, designed by renowned Japanese architect Tadao Ando and constructed in 2013, is known for its minimalist style and concrete features. Ye purchased the home in 2021 for $57.25 million. Initially listed for $53 million in January of this year, the price dropped significantly to $39 million by April, before ultimately selling for $21 million—an incredible drop that has shocked many.
This three-story mansion boasts four bedrooms, expansive ocean-facing windows, and an additional 1,500 square feet of outdoor space, allowing for breathtaking views of the Pacific Ocean from every room. Described as an “extremely rare architectural achievement” and a “masterpiece of art,” the home was subject to major renovations by Ye, who removed nearly everything, including doors, windows, plumbing, HVAC, and all interior finishes, leaving only a concrete shell. This radical transformation attracted considerable media attention and criticism.
Now, Belwood Investments plans to revert the property to its original state for resale. The listing on Home’s.com mentioned the extensive repairs needed due to the removal of all interior decorations, emphasizing that the project is not for the faint-hearted. However, the buyers believe the restoration may not be as daunting as it appears, as they have already connected with the original construction company to “ensure the house is rebuilt to its former glory.”
As for Ye, it seems this financial setback hasn’t impacted him too significantly. He is currently engaged in a worldwide listening tour and recently performed in Hainan, China, where he was met with enthusiastic support from fans. Reports indicate that 42,000 tickets sold out within minutes.
