Kanye West lost $36 million by selling this Malibu villa

2024-08-30 06:56:41

This is what is called a capital loss. In three years of ownership of this villa Malibu on the Californian coast signed by star architect Tadao Ando, Kanye West saw its value plummet by two thirds. Purchased in 2021 by the singer at the height of his fame and wealth for an amazing amount of $57.3 million, the contemporary marketer’s residence has just been sold for $21 million after several price cuts. The star lost nearly a million dollars a month while owning a home that was apparently unoccupied.

It is true that America has made many mistakes. Drunk by success and wealth, the artist experienced a real estate buying fever in the early 2020s. He successively bought his Malibu villa at a high price, two ranches in Wyoming with a large estate and a house across the street. Kim Kardashian from the one who is in the process of divorce. It is true that at the time, his association with Adidas brand for a range of sneakers and clothes Yeezy seemed to be my inexhaustible amount of millions of dollars. The subsequent separation from his wife and his equipment provider has changed the situation a lot and Kanye West has to part with these dangerous assets.

Pearl of Malibu

But in addition to having undoubtedly paid for it, the singer took care to destroy his property of 370 m² in order to renovate it to his taste without forgetting to remove everything, including windows and bay windows… Result: residence That is impossible in a real estate market that has become more difficult in the United States than elsewhere. The initial price, which is not true, is 53 million dollars, quickly giving way to (slightly) more reasonable money of 39 million before a work is finally completed at a knockdown price of 21 million dollars (19 million euros), as shown by the American site The Real Deal.

View of the property, under the tarpaulins since Kany West completely removed. Photo credit: Splash News / Splash News/ABACA

And the beneficiaries of this “good deal” will be none other than a California real estate company called Belwood Investments. The company plans to raise nearly $5 million to renovate the building to pre-Kanye West standards before an expected sale of up to $40 million after 12 to 16 months of operation. “Acquiring this property makes us incredibly happy, underlines the founder and owner of the company, Steven Belmont, was released. This is not only an incredible real estate investment, but also an opportunity to preserve and restore an architectural masterpiece designed by the famous Tadao Ando to allow it to be one of the gems of Malibu. “

1200 tons of concrete

Originally built for businessman and art collector Richard Sachs, the Brutalist-style mansion was completed in 2013 using 1,200 tons of concrete and 200 tons of reinforced steel. Although photos and information are scarce on the initial condition of the villa, it will have 4 bedrooms, 5 bathrooms and 130 m² of outdoor spaces. Remember that while the announced prices may seem high for a dilapidated bunker, Tadao Ando’s rating is very high, especially among the ultra rich. Experts interviewed by The Real Deal estimate that a villa of this type in good condition could sell for as much as $50 million. Last year the couple’s songs Jay-Z etc Bianche paid 190 million dollars to create a master, still in Malibu, but much bigger. And it seems that Kim Kardashian also has plans to build a vacation home in Palm Springs, benefiting from Tadao Ando’s design. The circle is closed.