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The Price to Buy Kanye West’s Malibu Beach House Drops 31 Percent from $53M to $39M Amidst Shaky Market

Rapper Kanye West is still struggling to sell his mansion in Malibu, California. The rapper bought the house back in 2021 for a whopping $57 million in an off-market transaction and had big plans to renovate it.

LOS ANGELES, CA – OCTOBER 21: Kanye West is seen on October 21, 2022 in Los Angeles, California. (Photo by Rachpoot/Bauer-Griffin/GC Images)

When Ye purchased the home, which was built in 2013 by Richard Sachs and put up for sale in 2020, he completely gutted the original space of many of its original finishes.

The Mansion That Never Was

Ever before the controversial figure made anti-Semitic comments and lost his much of his billion-dollar fortune, his efforts to remodel and have customized renovations have sputtered. Things started going awry after essential elements such as windows, doors, plumbing, electrical, HVAC, and interior finishes were never completed.

With businesses distancing themselves from Kanye due to his explosive remarks and erratic behavior, he never completed the project. He subsequently put the mansion up on the market for $53 million, over $4 million less than he paid for it.

It is worth noting that the mansion was sold for $75 million back in 2013 when it was fully habitable.

Ye, who has a reported net worth of $400 million, enlisted the help of Selling Sunset star real estate agent Jason Oppenheim, hoping he could get the property sold.

Unfortunately, the market was in flux. Based on a November 2023 real estate report from Redfin, the median home sale price in Malibu dropped to $39 million, showing a 21.3 percent decrease from the previous year, TMZ reports.

With all these factors in place, as of now, no one has submitted a bid.

Less than five months after putting the home on the market, the 46-year-old cultural architect has reduced his asking price yet again. Now, the beachfront mansion, four bedrooms, five bathrooms, outdoor decks, and a full view of the ocean, is on sale for $39 million, a 31.58% loss.

Selling is not the only headache that Kanye has regarding the mansion.

Looming Lawsuit

In September 2023, Kanye was sued by a former employee who was responsible for managing the home rehab project.

Tony Saxton, Kanye’s former project manager, filed his lawsuit in Los Angeles, California, making various allegations. These included citing harsh working conditions, multiple violations of labor codes, and wrongful retaliatory termination.

Attorney Ron Zambrano is representing contractor Tony Saxton and states that his client was required to work extensive 16-hour days for Kanye on the property. Furthermore, he claimed that Saxton was compelled to sleep on the floor near exposed insulation. The lawyer succeeding in getting a million-dollar lien on the property in January 2023.

A mechanics lien, also referred to as a contractor’s lien, is filed by contractors or subcontractors who have completed work on a property but have not received payment yet.

“We just want to make sure he has enough money to pay the more than $1 million he still owes our client before he goes completely broke,” Zambrano said in a statement.

Hhe added, “So in this case, if someone wants to buy Kanye’s Malibu home, they’ll have to deal with us first. That sale cannot happen without Tony being paid.”

The house is constructed with approximately 1,200 tons of concrete, 200 tons of steel, and 12 pylons driven over 60 feet into the sand. However, whether owning, managing or working on the house, it has proved to be a ton of a headache.

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