According to a Wall Street Journal article, controversial rapper Kanye West has put his multimillion-dollar Tadao Ando-designed Malibu, California, home up for sale. Kanye expects to sell the house for $53 million, two years after purchasing it for $57.25 million. Why, therefore, did he reduce the value of his prize property by $4 million in just two years? A WSJ report asserts In 2021, Ye, also known as Kanye, purchased the property and completely renovated it.
The rapper, who goes by Ye, purchased the oceanfront home in 2021 and started an extensive restoration that he never finished. A “gut renovation” entails demolishing a structure down to its basic structural components and starting over. To update or rearrange the layout, HVAC, electrical, and plumbing systems, interior components, including floors, wall coverings, and fixtures, have to be removed during this procedure.
According to WSJ, listing agent Jason Oppenheim of the Oppenheim Group, several million will now be required to complete the house because gut renovations may be quite involved. They can enable major alterations and modernizations to house and frequently entail a nearly total reconstruction of the interior space.
The 4,000-square-foot home requires interior finishes, HVAC, plumbing, and electrical work in addition to windows and doors.
According to Jason Oppenheim, the house is a blank canvas in its current state. However, he stated, “Much of the architectural integrity and the architectural value of the house exists.” He wouldn’t reveal why West wants to sell.
This mansion was constructed over seven years by renowned Wall Street figure Richard Sachs, who completed it in 2013 and listed it for $75 million in 2020. Four bedrooms, a wide deck area measuring 1,500 square feet, and large windows facing the water are features of this three-story home.
Kanye was filed with a lawsuit in September by a contractor who also lived in and took care of the Malibu property. He stated that he had to put up with 16-hour workdays and subpar housing, which included sleeping on the floor next to exposed insulation. The lawsuit further claimed that the contractor was fired for refusing to install big generators in place of the house’s outdated electrical system, citing worries about fire safety. West has denied these assertions.
