Ye Finally Sells Gutted Mansion for $21 Million – Report
Ye officially sells his gutted mansion that became a community eyesore for $21 million, a far lower price than he was initially asking for.
Ye Closes Deal on Gutted Mansion for $21 Million
On Thursday (Sept. 26), TMZ reported that Ye’s stripped-down oceanfront pad in Malibu, Calif. was recently taken off the market. The Tadao-Ando-designed mansion, which Ye purchased for $57.3 million in 2021, was sold to a California-based real estate crowdfunding firm called Belwood Investments. The company plans on raising at least $5 million to rebuild the unfinished property during the next 12 to 16 months before putting it for sale for approximately $40 million. As a result of the sale, the Yeezy founder is facing a $36 million loss, which doesn’t include the renovations he did to the home. He initially listed the mansion for $53 million back in January but brought the price down to $39 million after receiving no offers.
On July 25, a post from the real estate website Zillow revealed that Ye’s 4,000-square-foot mansion was under escrow, a legal arrangement designed to protect both the property owner and a potential buyer while the transaction details are worked out. The rhymer-producer worked alongside celebrity realtor and Selling Sunset reality TV star Jason Oppenheim to close the deal.
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Ye Gets Hit With Lawsuit by Contractor Who Worked on Malibu Mansion
After purchasing the aforementioned mansion back in 2021, Ye and his wife Bianca Censori hired a contractor named Tony Saxon to renovate it. The renovations included tearing down the kitchen and all five bathrooms, restructuring the staircase into a slide and cutting off all the electricity. After Saxon reportedly told Ye about the construction site’s unsafe conditions, he was taken off the job in November of 2021. As a result, Saxon filed a lawsuitt against the rapper in September of 2023.
In the suit, Saxon detailed the experiences he was subject to while working with Ye, which included being required to sleep at the nearly destroyed pad after working 16-hour work days, waking up to see the rapper standing over him in the middle of the night and a peculiar instance in which Ye ran a bath for him at Malibu’s Nobu Hotel. Saxon also alleges that the Vultures artist threatened him and said he would be considered “an enemy” if he didn’t agree to the demands.
The property was meant to be part house, part sculpture, but those plans were ditched after Ye quietly shut down his construction company, Yeezy Construction, Inc., in November of 2022.