Kanye West is taking a massive loss on the sale of his Malibu home, according to Consequence and a press release from the buyer, Belwood Investments. The real estate equity buyer announced it is buying the house — which Kanye went to great lengths to turn into his own person “bat cave” — for around $21 million. That’s $32 million less than his initial asking price — which is another 4 million less than what he bought it for in 2021 (close to $60 million).
After gutting the property — which caused him to incur yet another lawsuit from the building’s former property manager over “unsafe work conditions” — Kanye let the building languish, which contributed to its drastically reduced sale price. Among the renovations he wanted to be made to the property were disconnecting it from city water and power and replacing the stairs with slides, all in an effort to turn it into “a bomb shelter from the 1910s.” According to the lawsuit from his former property manager, “He wants to have no doors, no windows, no fixtures, just concrete… [a place for Kanye to] hide from the Clintons in and the Kardashians in.”
After trying to sell the home in its current state for $53 million earlier this year, he dropped the price to $39 million, apparently unaware that the half-completed work made it worth way less than that.
