Just two years ago, Kanye West was still flying high on the success of his billion-dollar Yeezy sneaker brand. He bought two separate Wyoming ranches, including one that spanned more than 3,000 acres. The money seemed endless; he also shelled out $57 million, in cash, for an oceanfront Malibu house designed by famed Japanese architect Tadao Ando. And in the midst of his acrimonious divorce from Kim Kardashian, he bought a house directly across the street from her Hidden Hills residence, just because.
Both California properties are gone and going, respectively — that Hidden Hills house was recently sold at a six-figure loss, while the Malibu manor is now up for grabs at $53 million. Even in the unlikely event of a full-price offer, West stands to lose many millions of dollars on the property, once realtor fees and closing costs have been factored into the equation. And it’s not even clear if he ever spent a night at the house, which was completely gutted during his ownership.
The current listing, held by Selling Sunset star Jason Oppenheim of the Oppenheim Group, includes a few years-old photos of the place. But it doesn’t look anything like that today—aerial imagery shows most all of the walls and doors are now gone, and the interior finishes have likely made their way to a landfill. Oppenheim told the Wall Street Journal that a buyer will need to spend “several million dollars” just to make the house livable.
In its current state, the Malibu home will require millions of dollars in renovation costs alone.
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West had intended to redesign and update the 4,000-square-foot structure, but that was shortly before Adidas parted ways with the 46-year-old rapper due to his numerous antisemitic remarks, allegedly leaving his finances in disarray. As it stands now, the building is a concrete shell exposed to the elements. Railings and metal trim pieces around the house have visibly rusted, likely beyond salvageability.
It will be interesting to see what sale price the oceanfront property eventually commands—particularly because it sits cheek-to-jowl next to other homes, nearly all of which are worth a mere fraction of West’s $53 million sticker. But this home does benefit from its unique pedigree; it’s one of the few stateside residences ever designed by Ando, who has become one of the billionaire elite’s most sought-after architects.
West, who remains one of the world’s most successful record producers and one of the best-selling artists of all time, is likely nowhere near poor. But he seems to be shifting away from real estate ownership—when he’s not out traveling the globe with “wife” Bianca Censori, he frequently bunks up for months at a time in some of L.A.’s most expensive hotels, including the oceanfront Nobu Ryokan.
Source: Luxury - robbreport.com
