We knew that Ye, aka Kanye West, was trying to sell his Malibu beach home for a whopping $53 million, but we didn’t know why.
The reason has finally surfaced, and it’s classic Kanye West.
Kanye bought the home for $57.25 million just two years ago and he’s ready to sell it for $53 million.
Kanye West’s net worth took a massive hit when Adidas terminated his contract last year, and it seems real estate isn’t really Kanye’s forte either.
Even though he’s apparently planning to build his own city in the Middle East, this is the second home he’s willing to sell at a loss.
Not long ago, Kanye sold his Hidden Hills house in California at a six-figure loss.
The 57-million-dollar question is why he paid so much for a house that’s unfinished.
Despite the jaw-dropping price tag, the 4,000-square-foot house needs windows and doors, along with plumbing, electrical, HVAC and interior finishes.
According to listing agent, Jason Oppenheim of the Oppenheim Group, it “will take several million dollars” for the house to be finished.
Amazingly, this isn’t the reason why Kanye West is selling, though.
Apparently, he’s selling it because it’s too gray.
The home was built a decade ago and designed by Tadao Ando, a legendary name in the real estate world.
It’s gray because it’s basically entirely made of concrete.
It was first listed in 2020 for $75 million.
According to a source close to Kanye West interviewed by the Daily Mail, Kanye West only visited the home a couple of times, and both times it was either at sunset or sunrise so he could see more color.
“Ye prefers earth tones, muddy colors from silt to loam but never too cold and nothing visually draining like a clay,” the source told the Daily Mail.
“Architects and designers working for Ye have in the past been dispatched to collect soil samples from the UK, France and elsewhere as color references for his iconic looks.”
Whatever floats his boats.