Kanye West’s real estate saga continues as he dramatically slashes the price of his gutted Malibu mansion by $14 million, signaling a potential fire sale of the property he ambitiously bought and then stripped down to its architectural bones. Despite the pedigree of its design by Tadao Ando, a name synonymous with minimalist grandeur, West’s unfinished renovation project at 24844 Malibu Road is proving a tough sell.
West, also known as Ye, purchased the home in 2021 for $57.3 million from bicycle designer Richard Sachs in a deal that seemed to foretell a new architectural masterpiece on the Malibu landscape. Instead, the property has languished in a state of half-realized potential, shorn of its windows, doors, and interior fixtures. After an unsuccessful listing at $53 million, West’s significant price drop to $39 million is a clear indicator of a market recalibration and a possible urgency to divest.
Celebrity real estate agent Jason Oppenheim, known for his role on “Selling Sunset,” has been tasked with moving the property which, according to his statements, will require several million dollars to complete. The potential for a new owner to bring the home up to 2024 standards is a tantalizing one, but the market has yet to bite at the opportunity.
Constructed using 1,200 tons of concrete ,200 tons of steel and 12 pylons, the bare skeleton of the mansion still possesses the architectural gravitas one would expect from an Ando creation.
The steep price reduction coincides with a tumultuous period for West, marked by personal controversies and professional break-ups, including severed ties with major brands such as Adidas, Gap, and Balenciaga, as well as his removal from Forbes’ billionaire list. These events have undoubtedly reshaped the financial landscape for West, who also navigated a divorce settlement with ex-wife Kim Kardashian that includes a substantial monthly child support payment.
Perhaps more pressingly, the house has been caught in a legal snag, with a lien placed by contractor Tony Saxon’s legal team. Saxon, who sued West over alleged unpaid labor and unsafe working conditions, has made it impossible to sell the house without first settling the debts claimed. This complication may further deter potential buyers despite the reduced price tag.
Relevant articles:
– Kanye West paid $57 million for a Malibu mansion, then gutted and abandoned it. Now, nobody wants it.
– Kanye West Cuts Price of Gutted Beach Home in Malibu to $39M, The Real Deal, Tue, 16 Apr 2024 21:42:00 GMT
– Kanye West Cuts $14 Million Off Tadao Ando Asking Price, California Listings, Tue, 16 Apr 2024 12:31:47 GMT