Four months ago, Kanye West listed his severely damaged Malibu residence for sale with an asking price of about US$53 million.
However, the property attracted no buyers, prompting a significant price reduction this week to about US$39 million, as announced by the property’s agent, Jason Oppenheim of Selling Sunset fame.
West originally paid US$57.3 million in cash for the property less than three years ago, according to the Robb Report.
Designed by renowned Japanese architect Tadao Ando, the 372sq m home was completed in 2013 and initially had four bedrooms and five bathrooms.
Despite its prestigious architectural pedigree, the residence is now effectively uninhabitable.
Following his acquisition, West began extensive demolition work, removing windows, doors, and internal fixtures, leaving behind a bare concrete shell exposed to the harsh marine environment.
It is uncertain if West ever resided in the property.
The new price, while a marked improvement, remains high.
Similar properties in the area, fully renovated or newly built, are valued about US$20 million.
Nonetheless, homes designed by Ando are rare and highly coveted in the US, often seen as a luxury asset among the affluent.
To contextualise, last year Jay-Z and Beyoncé acquired an expansive Ando-designed Malibu estate for about US$190 million, setting a record for California’s residential market.
Additionally, Kim Kardashian is planning to construct an opulent Ando-designed holiday home near Palm Springs, and in 2021, Slack co-founder Stewart Butterfield and his spouse Jen Rubio purchased a property in New Mexico for about US$40 million.
Currently, West appears to be divesting from property ownership, favouring stays in luxurious hotels such as the oceanfront Nobu Ryokan in Los Angeles, amidst travels with his wife Bianca Censori.
