Kanye West has sold his Malibu house for $36 million less than he originally paid for it.
The rapper purchased the architect-designed property in 2021 for $57.3 million, but recently sold it to Belwood Investments for $21 million.
“This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu,” the new owners said in a statement.
“This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
Despite his plans to remodel the home, Kanye West was unable to find a buyer at his initial asking price of $53 million, and eventually had to settle for a significant loss.
After Kanye West, 47, first purchased the home, he had the entire thing gutted with a view to remodelling from scratch. However those plans appeared to have fallen over by January 2024 when he put the home back on the market, with an asking price of $53 million (£43 million) – which would still have been a loss.
In April, he slashed the price further to $39 million (£29.7 million) but was unable to find a buyer.
