Kanye West bounces back after horrific $54m loss
Kanye West is trying to move on after suffering an eye-watering $54m loss.
Kanye West has forked out $US35 million ($53 million) on a new Beverly Hills home after selling his controversial Malibu beach house at a $US36 million ($54 million) loss.
According to Realtor, property records reveal the beleaguered rapper purchased a luxurious 11-bedroom, 18-bathroom mansion, situated in the exclusive gated community of Beverly North Park, through a limited liability company (LLC) — the same LLC he used to purchase his Malibu abode in 2021.
The Grammy winner, who goes by Ye, snapped up his new pad in an off-market deal; the property was last put on the market in 2022, when it sold for $US24.5 million ($A37.2 million), records show.
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The Yeezy founder’s latest move comes as rumours swirl that he and wife Bianca Censori are headed for divorce, less than two years after they walked down the aisle.
However, the pair were later spotted looking loved-up in Tokyo.
Despite the divorce rumours, insiders have claimed that the marital troubles were part of a publicity stunt in a bid to distract the public from accusations the rapper drugged and raped his former assistant Lauren Pisciotta at a party with Sean ‘Diddy’ Combs.
The musician’s latest property has plenty of other alluring features. The enormous residence boasts its own paddle tennis court, a large swimming pool with its own pool house.
Ye appears to have closed on the property Oct 25 — just two months after he managed to sell his scandal-ridden Malibu property at a staggering loss.
The “Gold Digger” singer purchased the iconic home, designed by renowned Japanese architect Tadao Ando, in 2021 for a whopping $US57.25 ($87 million).
He then proceeded to fully gut the property reportedly in the hopes of turning it into a bomb shelter.
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However, the controversial rapper abandoned his plans shortly after tearing the home apart, leaving it empty and exposed to the elements.
The run-down state of the property raised furious backlash from architecture lovers.
Despite its dilapidated condition, Ye listed the property for an eye-watering $US53 million ($A81.7 million) in January 2024, enlisting celebrity agent and “Selling Sunset” star Jason Oppenheim to help him offload the home.
Given its less-than-liveable state, the concrete mansion failed to attract a buyer, and in April, the price was cut to $US39 million ($A60.1 million).
Three months later, the listing was updated to indicate that a sale was pending — and now, the identity of the buyer has been revealed, as well as the painfully large loss Ye took on the property.
Belwood Investments, a real estate investment company based in California, paid around $US21 million ($A31.9 million) for the home and, in a press release, its CEO, Bo Belmont, announced plans to invest a further $US5 million ($A7.6 million) to restore Ando’s original work.
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Restoring the home to its pristine, modernist state will certainly not be easy.
The most recent images of the property reveal that Ye’s unfinished “renovation” left it as little more than a bare concrete structure, with the floor-to-ceiling windows ripped out, rooms completely gutted, and even plumbing and electricity removed.
Parts of this story originally appeared in Realtor and are republished with permission.
Originally published as Kanye West bounces back after horrific $54m loss
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