Ye officially sold his gutted mansion that had become an eyesore to the community for $21 million, a price that was well below his original request.
Ye closes deal on crumbling mansion for $21 million
On Thursday (September 26), TMZ reported that Ye’s beach house in Malibu, California, was recently taken off the market. Ye purchased the Tadao Ando-designed mansion in 2021 for $57.3 million, which was later sold to Belwood Investments, a California-based real estate crowdfunding company. The company plans to raise at least $5 million over the next 12 to 16 months to redevelop the unfinished property and then sell it for about $40 million. As a result of the sale, the Yeezy founder faces a loss of $36 million, not including renovations he made to his home. Back in January, he initially listed the mansion for $53 million, but after receiving no offers, he dropped the price to $39 million.
On July 25, real estate website Zillow issued an article stating that Ye’s 4,000-square-foot mansion had been placed in escrow, a legal arrangement designed to protect the owners and potential buyers while the details of the transaction were worked out. The rhyme producer teamed up with celebrity real estate agent and Selling Sunset reality star Jason Oppenheim to seal the deal.
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Ye sued by Malibu building contractor
After Ye and his wife Bianca Censori purchased the aforementioned mansion in 2021, they hired a contractor named Tony Saxon to renovate it. The renovations included removing the kitchen and all five bathrooms, converting the stairs into slides and cutting off all electricity. Saxon was reportedly fired in November 2021 after he told Ye about unsafe conditions at the construction site.
In the lawsuit, Saxon details the experiences he endured while working with Ye, which included being made to sleep on a nearly destroyed mat after working 16-hour days and waking up to see the rapper standing over him. Next to the middle. Saxon also claimed that the vulture artist threatened him and said he would be considered an “enemy” if he did not agree to the demands.
The property was originally intended to be half residence, half sculpture, but those plans were abandoned after Ye quietly closed his construction company, Yeezy Construction, Inc., in November 2022.
