The O Group; Realtor.com; Stephane Cardinale – Corbis/Corbis via Getty Images
Kanye West, the controversial rapper and businessman, is still trying to separate himself from his minimalist Malibu, CA, mansion.
The concrete fortress was listed at the beginning of the year for an astounding $53 million. In hopes of attracting an offer, the musician, who now goes by Ye, has reduced the price by a substantial $14 million. It’s now available for $39 million.
The sum may have taken into account the 4,000-square-foot interior that’s been stripped, requiring a buyer to finish the spaces.
“Currently all interior finishes have been removed from the property, and work is needed to either restore or reimagine the interiors,” the listing states.
“It will take several million dollars for the house to be finished,” Jason Oppenheim of the Oppenheim Group told the Wall Street Journal in December. Oppenheim, who stars in “Selling Sunset,” is the listing agent.
Kanye West just cut the price of his Malibu, CA, mansion.
Realtor.com
This particular real estate investment will not be positive for the Ye. He spent a hefty $57,250,000 for this Tadao Ando design in 2021.
Let’s take a look.
Beach behemoth
The 2013 build is only one of a handful of private homes in the United States designed by the Pritzker Prize–winning Japanese architect. The designer’s aesthetic is in lockstep with Ye’s preference for pared-back, minimalist dwellings.
Just steps from the Pacific Ocean, the home sits on a relatively compact lot size of 5,674 square feet. The structure is made of approximately 1,200 tons of concrete, 200 tons of steel reinforcement, and 12 massive pylons driven more than 60 feet into the sand.
Ando worked with Marmol Radziner, with the firm acting as “executive architect and general contractor” for the building. Inside, “smooth-as-silk” concrete is found, along with natural light, another signature feature of Ando’s designs.
Glass pivot walls open to the water.
Realtor.com
The concrete home sits right on the beach.
Realtor.com
“The price adjustment is certainly a step in the right direction,” says Madison Hildebrand.
Realtor.com
Walls of windows showcase the natural light.
Realtor.com
From the street, the home looks impregnable, with frosted glass and a concrete facade. But the beach-facing side offers pivoting glass walls and a staircase to outdoor spaces and the water.
Is it priced right?
The beach pad was on the market in 2020 for $75 million. Ye was able to grab it at a much lower price before beginning a gut renovation of the home, which remains unfinished.
So is the newly reduced price right?
“The price adjustment is certainly a step in the right direction,” says Madison Hildebrand, Realtor® and founder of The Malibu Life Team at Compass.
“Malibu is a special place, and this architect is world-renowned, but whether or not it’s valued right is in the eye of the beholder. There isn’t anything in the immediate area that I would consider a sold comparable that has a small lot and proximity to neighbors like this. Most other homes that have sold are considered more of a compound, or have more each [of] frontage or depth on the lot size.”
Hildebrand also notes that the other comparable homes are “completely turnkey or at the bare minimum have fixtures and appliances unlike this one.”
Perhaps a 26% price cut will entice a buyer to finish Ye’s mammoth project.
The post Kanye West’s Concrete Fortress in Malibu Just Dropped in Price By $14M appeared first on Real Estate News & Insights | realtor.com®.
