Kanye West’s Malibu mansion, once envisioned as a stark architectural masterpiece, has hit the market for $53 million, a significant drop from the $57.25 million he invested just two years ago.
According to a November real estate report by Redfin, Malibu’s median home sale price dipped to $3.5 million, marking a 21.3 percent decrease compared to the same month in 2022.
In 2021, the rapper acquired the property, initiating renovations. However, essential elements such as windows, doors, plumbing, electrical, HVAC, and interior finishes were never incorporated, The Wall Street Journal reported.
For Sale Sign Up
The Oppenheim Group, as reported by TMZ, is now listing the 4,000-square-foot beachfront home, which boasts a Tadao Ando design.
“It will take several million dollars for the house to be finished,” real estate broker Jason Oppenheim said. “Much of the architectural integrity and the architectural value of the house exists.”
As Finurah previously reported, the house was completed in 2013 by Richard Sachs, a portfolio manager and financial adviser. After seven years of planning, permitting, and construction, he listed the finished house for sale at $75 million in 2020.
Many of the original finishes by Sachs have been removed, as they were somewhat outdated, WSJ reported.
West hired Ando, a self-taught Japanese architect known for his signature design that features an austere geometry and a solid concrete facade facing the street, with no openings on the side walls, to redesign the mansion with four bedrooms and four-and-a-half bathrooms.
The house comprises about 1,200 tons of concrete, 200 tons of steel, and 12 pylons driven over 60 feet into the sand, according to Oppenheim. The three-story residence features sizable window openings with waterfront views, and an additional 1,500 square feet of deck space.
The construction on the beachfront residence and his $4.5 million Hidden Hills home had halted due to the supply chain crisis. However, many now are assuming West’s decline in net worth from billionaire status to less than $400 million has left him too cash-strapped to continue pricy renovation projects.
Legal Drama Over Renovation
In addition to the loss of investment and net worth, in September, allegations of contractor abuse emerged during the renovation of West’s Malibu mansion.
The contractor, Tony Saxon, claimed he was a live-in caretaker who was forced to work 16 hours a day. He also alleged that he was made to sleep on the floor near exposed insulation, according to court documents cited by WSJ.
Saxon was fired when he refused to remove the home’s electrical system and replace the wiring with large generators. He was concerned it could pose a fire hazard.
“What Ye wanted to do was essentially turn his newly purchased $57 million-dollar architectural masterpiece home into an open-concept art project,” Saxon said in an interview with ABC Los Angeles. “I was spearheading this campaign and labor to make such changes.”
West has denied those assertions.
It was agreed that Saxon would receive $20,000 per week. However, after a month on the job, Saxon claims to have received only one payment of $20,000, and the construction costs amounted to $100,000.
Sexton claims he is owed over $1 million for unpaid wages and loss of earnings due to back injuries.