Controversial rapper Kanye West has listed his multi-million dollars Tadao Ando-designed house in Malibu in California, for sale, according to a Wall Street Journal report.
Two years after buying it for $57.25 million Kanye is expected sale price for the house is $53 million. So why has he diminished the value of his prime property by 4 million dollars within a matter of 2 years.
Report from WSJ claims Kanye (popularly known as Ye) bought the property in 2021 and gutted it.
What is gut renovation
The musician, now known as Ye, bought the beachfront property in 2021 and began a gut renovation, which he did not complete. A gut renovation involves completely stripping down a building to its essential structural elements and then rebuilding it. This process typically involves removing most, if not all, interior elements like floors, wall coverings, and fixtures, allowing for the updating or rearranging of the layout, electrical, plumbing, and HVAC systems.
Listing agent, Jason Oppenheim of the Oppenheim Group, told WSJ that now several millions will be needed to finish the house as gut renovations can be extensive. They often involve a near-complete rebuilding of the interior space, and can allow for significant modifications and modernizations to a property.
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Kanye’s million dollar Malibu property
The 4,000-square-foot house needs windows and doors, along with plumbing, electrical, HVAC and interior finishes.
Jason Oppenheim claims in its current condition, the house is a blank canvas. But he said, “Much of the architectural integrity and the architectural value of the house exists.” He declined to say why West is looking to sell.
Richard Sachs, a notable Wall Street figure, had built this house over seven years, completing it in 2013 and putting it on the market for $75 million in 2020. This three-story structure includes four bedrooms, large windows overlooking the water, and an additional 1,500 square feet of deck space.
Contractor sues Kanye West for exploitation
In September, West faced a lawsuit from a contractor who also served as a live-in caretaker for the Malibu mansion. He claimed to have endured 16-hour workdays and poor living conditions, including sleeping on the floor near exposed insulation. The lawsuit also stated that the contractor was dismissed after refusing to replace the house’s electrical system with large generators, citing fire safety concerns. West has refuted these claims.
