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This is called a record capital loss. After owning the villa for three years Malibu Located on the California coast, signed by a star architect Tadao Ando, Kanye West Its value has plummeted by two thirds. The singer bought this contemporary concrete residence in 2021 at the height of his fame and wealth for a staggering $57.3 million and has just sold it for $21 million after several price cuts. The star is losing nearly a million dollars a month while he owns a house that he has apparently never lived in.
Indeed, Americans made a lot of mistakes. Artists, intoxicated with success and wealth, went on a real estate buying spree in the early 2020s. He bought up villas in Malibu one by one at high pricestwo ranches in Wyoming with a huge estate and a house across the street Kim Kardashian He was in the process of divorcing him. Indeed, at the time it launched a line of sports shoes and clothing in collaboration with the Adidas brand Yezi It seemed like an inexhaustible mine of millions of dollars. The successive separations from his wife and equipment supplier changed this situation to a great extent, and Kanye West had to give up these cumbersome acquisitions.
The Pearl of Malibu
But in addition to undoubtedly overpaying, the singer carefully destroyed the 370 square meters of land he bought in order to redevelop it to his own taste, without forgetting to remove everything, including the windows and bay windows … The result: a house that cannot be sold. The real estate market in the United States, as elsewhere, has become more difficult. The initial price was 53 million dollars, completely unrealistic, Soon gave way to a (slightly) more reasonable price of $39 million Before the surgery was finally completed for $21 million (€19 million), According to the American website The Real Deal.
The beneficiary of this “good deal” is none other than a California real estate crowdfunding company called Belwood Investments, which plans to raise nearly $5 million to renovate the office space to pre-Kanye West standards, and after 12 to 16 months of work, it expects sales to reach about $40 million. “We are very excited to acquire this property. Steven Belmont, the company’s founder and owner, stressed in a press release. Not only is this an incredible real estate investment, but it is also an opportunity to preserve and renovate an architectural gem designed by the renowned Tadao Ando so that it continues to be one of Malibu’s pearls.”
1200 tons of concrete
Originally built for financier and art collector Richard Sachs, the Brutalist mansion was completed in 2013 using 1,200 tons of concrete and 200 tons of steel. Although there are few photos and information about the villa in its initial state, it has 4 bedrooms, 5 bathrooms and 130 square meters of outdoor space. Keep in mind that while the published price may seem high for a run-down bunker, Tadao Ando is highly regarded, especially among the super-rich. Experts interviewed by The Real Deal estimate that a villa like this in good condition could actually sell for $50 million. The couple who sang last year Jess wait Beyoncé $190 million spent on a masterpiece, still in Malibu, but on a much larger scale. And it seems Kim Kardashian is also planning to build a vacation home in Palm Springs that will benefit from Tadao Ando’s design. The circle is closed.
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