Kanye West is a loose cannon, and since his 2022 public breakdown, the Chicago emcee has faced several financial hurdles. Following the horrific events, Banks froze West’s assets, various brands and fashion houses severed ties with the emcee, and his net worth began slowly declining.
As such, it is unsurprising that the College Dropout creator has found himself in another problematic financial predicament as he is now struggling to sell one of his properties. As reported by Forbes magazine, the rapper is now desperately trying to sell a $57.3million mansion in Malibu.
In an attempt to renovate the property, the emcee removed the windows, electricity, and plumbing with plans to restore the building and sell it for a profit. However, the ‘Carnival’ artist hasn’t restored any of the previously mentioned and has had to drop the asking price of the 4,000-square-foot house from $53million to $39million.
West bought the real estate in 2021 from the bicycle designer Richard Sachs. Following this, he hired contractors and construction workers but left much of the house to rot as he travelled around the world recording Donda 2, Vultures 1 and more.
According to reports, neither West nor his contractors have been seen renovating the property since its purchase in 2021. However, the Malibu house isn’t only dropping in value and setting up Ye for a loss, but last year, a contractor who worked on the home sued West for the poor working conditions, alleging that he was forced to work 16-hour days.
Suing Kanye for $1million in damages, which means that any buyer of the mansion will have to take on the debt owed to the contractor (Tony Saxton). This is one of the major reasons West is struggling to sell the property.
This Malibu fiasco is the latest in a long series of business missteps by West, who has burnt a lot of his bridges and blackballed himself from the fashion and music industry. You can see the mansion below.
