Kanye West‘s beachfront property in Malibu has plummeted a great deal in value as the mogul is still trying to get rid of it.
Ye purchased the Southern California property back in 2021 for $57.3 million in the hope of remodeling the designs of famed Japanese architect Tadao Ando. In January, however, it was once again put up for sale after construction was halted in early 2023.
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The half-baked home is currently on the market for a reduced price of $39 million, which means the Chicago native is willing to accept a loss of $18.3 million should someone take the deal. As of now, the building does not have running water, electricity and walls.
Last week, The New Yorker published a report on how the “Flashing Lights” hitmaker devalued the coastal gem in his attempt to give it a remix. Check out the video package below:
In this week’s magazine, Ian Parker investigates how Ye, formerly known as Kanye West, turned a $57.3 million architectural treasure into a ruin. “It was a scene of violence,” he writes. Read his full report: https://t.co/lXg4mHxJTipic.twitter.com/B98Twvw4Ok
— The New Yorker (@NewYorker) June 14, 2024
Earlier this year, the property’s exclusive real estate agent Jason Oppenheim spoke to The Wall Street Journal about the house, claiming that the “blank canvas” presents a “unique opportunity” to the right buyer.
Contrarily, an expert told the publication that the buyer would have to sink an exorbitant amount of money to make the concrete hull livable again.
The Yeezy boss was sued by the construction site’s former project manager last year following a disagreement over unusual demands.
NBC News reported that 32-year-old Tony Saxon filed the lawsuit after he was fired for refusing to remove all of the windows and electricity from the property. West allegedly terminated his employment in late 2021 for not complying with his “dangerous” requests after two months of working together.
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“When Plaintiff refused to engage in unlawful conduct or to engage in activity that would further cause him physical injury, Mr. Ye responded: ‘If you don’t do what I say, you’re not going to work for me, I’m not gonna be your friend anymore and you’ll just see me on TV,’” the suit reads.
The complaint also alleges that the 47-year-old told Saxon he would be “considered an enemy if he did not comply.”
