Kanye West lost $53 million when he sold his Malibu home after “gutting the place.”

According to a Wall Street Journal article, controversial artist Kanye West has put his multimillion-dollar Tadao Ando-designed Malibu, California, home up for sale.

Kanye expects to sell the mansion for $53 million, two years after purchasing it for $57.25 million. Why, however, would he reduce the value of his prize property by $4 million in only two years?

A WSJ report asserts In 2021, Ye, also known as Kanye, purchased the home and completely renovated it.

What is meant by full renovation?
The rapper, who goes as Ye today, purchased the oceanfront home in 2021 and started an extensive restoration that he never finished. During a gut renovation, a structure is stripped down to its most basic structural components and then rebuilt. The majority of interior components, including fixtures, wall coverings, and flooring, must usually be removed during this procedure in order to make room for replacing or reconfiguring the HVAC, electrical, and plumbing systems.

According to WSJ, listing agent Jason Oppenheim of the Oppenheim Group, many millions will now be required to complete the home since gut renovations may be rather involved. They often entail reconstructing the inside almost entirely and may enable substantial alterations and upgrades to a structure.

Million-dollar Malibu estate owned by Kanye
The 4,000-square-foot home requires interior finishes, HVAC, plumbing, and electrical work in addition to windows and doors.

According to Jason Oppenheim, the home is a blank canvas in its present state. However, he said, “The house’s architectural integrity and value are mostly intact.” He wouldn’t reveal why West wants to sell.

This mansion was constructed over seven years by renowned Wall Street figure Richard Sachs, who completed it in 2013 and listed it for $75 million in 2020. Four bedrooms, a wide deck area of 1,500 square feet, and big windows facing the lake are features of this three-story home.

Kanye West is sued by a contractor for exploitation.
A contractor who also worked as a live-in caregiver for the Malibu property filed a lawsuit against West in September. He said that he had to put up with 16-hour workdays and subpar housing, which included sleeping on the floor next to exposed insulation. The complaint also claimed that the contractor was fired for refusing to install big generators in lieu of the house’s outdated electrical system, citing worries about fire safety. West has denied these assertions.