Shocking amount Kanye West lost after doing up mansion revealed as new owner labels him ‘dumb’
Rapper Kanye West lost a substantial amount of money on the property after his unusual renovation
Most people who invest in properties hope to make money on them, but this was far from the case for Kanye West.
Back in 2021, the 'Carnival' rapper purchased a beach-front Malibu mansion for over $57.3 million.
While the home - designed by architect Tadao Ando - was already quite lavish, in a bid to personalize it West totally gutted the property.
It's believed he had plans to renovate his home, but these plans never came into fruition, leaving just an unsightly shell of the mansion.
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The plumbing and electricity 4,000 square foot mansion was removed, so it was practically inhabitable after everything was torn out.
Eventually West gave up on his plans and decided to part ways with the property late last year.
He was seemingly aware of the state he'd left it in, with West going on to list it for less than he bought it for - around $4 million less.
But even that was optimistic. The listing was picked up by Jason Oppenheim of Selling Sunset's Oppenheim Group.
It was described as being made of '1,200 tons of concrete, 200 tons of steel reinforcement and 12 massive pylons driven more than 60 feet into the sand'.
It was also labeled as 'an everlasting beacon of permanence on California's coast line'.
It was officially listed in January 2024 and several months on, Oppenheim has seemingly done the impossible and sold the home.
As expected, West did not make any money on it. In fact, he lost around $36 million on the property after it was sold for just $21 million. Ouch.
Bo Belmont was the person to buy the home and he's since spoken out about the 'dumb' changes the Grammy Award-winning rapper made.
Belmont told The LA Times his ultimate 'goal' is 'to make it as though Kanye was never there'.
"The house will be restored right back to what it was," Belmont added.
He criticized West's removal of the mansion's glazed flooring in particular.
"That was a really dumb move. Really no purpose," Belmont insisted.
To get it back to how it was, Belmont has pledged to spend between $6 million to $8 million on the home.
He will work with Marmol Radziner, who did the initial build of the house, The LA Times reported.
Belmont has bought the property for the purpose of flip for profit.
Topics: Celebrity, Kanye West, Money, Property
Niamh Shackleton