Kanye West, or Ye, has been a fixture in the headlines for years. It used to be for his groundbreaking music and influential fashion ventures, but now the spotlight is on a series of challenges that are shaking the foundation of his once-billion-dollar empire.
As the once-thriving Yeezy brand appears to stall, Ye is also grappling with mounting lawsuits and a staggering amount of unpaid taxes.
Here’s a look at what we know about the current state of the West’s financial empire.
Tax Troubles
The U.S. Sun reports that Ye and his companies, including the iconic Yeezy brand, owe a total of $1,064,221 in unpaid taxes.
The troubled rapper also has multiple tax liens filed in California against his businesses and properties, as Finurah previously reported.
West’s firm, Psalm Cody Ranch LLC, owes $2,780.33 and $2,966.66 in property taxes for his Monster Lake Ranch in Cody, Wyoming, which he recently sold. Other tax liens include $934,033 for Yeezy Apparel, $10,924 for Donda Services, $12,425 for Yeezy Construction, and $101,093 for two Los Angeles properties, including his four-bedroom mansion in Calabasas, which he bought with ex Kim Kardashian in May 2018 for $2.2 million.
Forbes reported, on Dec. 7, 2022, that his Yeezy liens were about $600,000, meaning he has not paid since his fallout with Adidas. The Daily Mail reported, as of Jan. 3, 2024, that West has unpaid taxes dating between October 2021 and March 2022.
However, before it gradually became $1 million, the state of California’s Franchise Tax Board said he owed in March 2023 $319,356.58.
What’s Happening With Yeezy
Once celebrated for its innovative designs and lucrative partnerships, the Yeezy brand now seems to be at a standstill.
Consumers hoping to buy Yeezy brand products from West’s official website are currently unable to do so, as the site is not accepting orders at this time. According to reports, production at the Los Angeles Apparel factory has stalled, adding to the uncertainties for Yeezy. The company has also seen a walkout, with Yeezy leaders leaving over Ye’s desire to add a pornography division to the brand, WET, according to The Daily News.
The Lawsuits
West faces numerous lawsuits from former Yeezy and Donda Academy staff, along with his ex-personal assistant, Lauren Pisciotta. Pisciotta said West sent her numerous vulgar text messages detailing his sexual fantasies with women according to Entertainment Tonight. She states that she was ultimately fired in October 2022 and offered a $3 million severance, but she’s suing instead.
Accusations at Yeezy include sexual harassment, such as playing pornography during meetings, openly discussing explicit content, and sharing intimate photos of his ex-wife, Kim Kardashian.
Former Donda Academy employee Trevor Phillips sued West in April 2023, accusing him of wanting to shave students’ heads and lock them in cages, and comparing himself to Adolf Hitler “minus the gas chambers,” according to NBC.
In a separate lawsuit, attorney Ron Zambrano, representing contractor Tony Saxon, claimed that Saxon was compelled to work 16 hours a day for West at the Malibu home he was renovating. In 2022, Ye also had to take his “Yeezy Campus,” a nearly 4,000-acre Wyoming ranch, off the market after failing to sell it for $11 million, according to People magazine.
Money’s Dwindling
Since the end of his partnership with Adidas, West’s net worth has plummeted from $2 billion to $400 million, according to Forbes.
West has also apparently signaled he wants to get out of entertainment. According to rapper Rich The Kid, West is allegedly considering retiring from professional music. One of the reasons, reports The Sun, is that West’s last-minute listening parties to promote “Vultures” were less than half full.
As Finurah previously reported, West’s real estate ventures have also suffered. His Malibu beachside mansion, initially priced at $57.3 million, had its price reduced to $39 million after struggling to sell.
Where Ye’s Was Making Money
Surprisingly, Ye’s first Yeezy product launch since his Adidas split was successful. He also has his expansive music catalog and a stake in the hugely successful Skims, founded by Kardasihan.
He revealed on Instagram that 266,000 pairs of Yeezy Pods were sold in a single day, totaling sales of $5,320,000.
His collaboration with Ty Dolla $ign on the album “Vultures 1” also performed well, debuting at No. 1 on the Billboard 200 chart with 148,000 in sales equivalents and nearly 170 million streams, according to Billboard.
Still Spending
Despite having less money in the bank, West continues to spend lavishly. The disgraced billionaire spent $50,000 on a lavish Paris Fashion Week Party.
The U.S. Sun reported a so-called insider said: “He may have made money in the past and from his recent album, but the way he’s going he’s going to have serious financial issues in the future if he keeps going the way he is. He’ll likely never be broke, but he’s going to be brought back down to earth if he doesn’t get his life together.”
Additional reporting by Ann Brown.
