Kanye West Takes Huge Loss On Malibu Mansion
Things have not been going great for Kanye West lately. He just suffered massive financial losses thanks to selling his Malibu mansion. Kanye has been trying to sell the mansion for a while, and he just took a substantial loss on it with the amount he sold it for.
Here is what Kanye sold his mansion for and how much money he lost on the deal.
Kanye Loses Millions By Selling Malibu Mansion
Kanye West finally sold his Malibu mansion. However, if he thought he could make money off the sale, he was very wrong. Not only did he not make money, but he lost a great deal with the total that he finally got for the house.
Kanye had to drop the price he was asking by almost $15 million when no one made an offer to buy it from him. The biggest problem is there are a lot of problems with the mansion, which is considered to be “crumbling.” When Kanye bought the mansion in 2021, he paid $57.3 million.
After he purchased the mansion, he gutted and abandoned it. Kanye later listed it for sale in December 2023. Since then, it has been sitting in escrow. Kanye initially listed the home for $53 million, trying to sell it for a little less than he paid. No one wanted it for that price.
Finally, in April, Kanye dropped the asking price to $39 million. According to Jason Oppenheim of the Oppenheim Group, whoever buys it will have to replace all the interior finishes, with Kanye gutted. That will cost millions (via The Hollywood Reporter). “On the positive, it can be brought up to 2024 standards — it was built about 10 years ago,” he said.
Kanye West Faced Lawsuits Based On The Mansion
Kanye West also faced several legal problems concerning the mansion. The person he hired to gut it sued him for unpaid fees. Contractor Tony Saxon claimed Kanye owed him more than $1 million for his work. Kanye denied the claims in the lawsuit.
In January, Ron Zambrano, a partner at West Coast Employment Lawyers, filed a mechanics lien on the property on behalf of Saxon. They claimed he owed them more than $1 million and wanted to ensure he had the money to pay them back “before he goes completely broke.” They said anyone who wanted to buy the mansion would have to go through them first to ensure they were paid.
While the interiors were gutted, the mansion’s exterior is still in great shape, thanks to its concrete work. It is a 4,000-square-foot house with 1,500 square feet of exterior decks, all with Pacific Ocean views.
Are you surprised at how much Kanye West lost in the selling of his Malibu mansion? Let us know your thoughts in the comments below.
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