'Cash Flow Isn't Flowing': Kanye West's 'Shaky Finances' Among Factors That Led to Sale of $57 Million Malibu Pad: Report
"Cash flow" issues were among the reasons Kanye West put his Malibu pad up for sale, according to a report.
Dec. 21 2023, Published 5:00 p.m. ET
Kanye West's "shaky finances" contributed to his decision to sell his $57 million Malibu beachfront abode for a loss, according to a new report.
The rapper-turned-Yeezy fashion designer recently listed his stunning Tadao Ando-designed property for $53 million courtesy of Selling Sunset star Jason Oppenheim, a $4 million dip from what he paid two years ago.
Jason Oppenheim told the Wall Street Journal it will take several million dollars for the house to be finished after Ye started a gut renovation soon after his purchase in 2021.
Oppenheim told the Wall Street Journal it will take several million dollars for the house to be finished after Ye started a gut renovation soon after his purchase in 2021.
"Let's just say the cash flow isn't really flowing at the moment," said one insider close to the Gold Digger hitmaker about his decision to sell, according to the New York Post in a report published on Thursday. "The renovations turned out to be a bigger hassle than expected."
RadarOnline.com has reached out to reps for West for comment.
West previously dropped off from Forbes' billionaires list when he lost several lucrative business deals over anti-Semitic comments, having since weathered other unrelated legal drama.
"The renovations turned out to be a bigger hassle than expected," according to an insider.
The beachfront property is currently at the center of a seven-figure lawsuit first reported on by RadarOnline.com.
A former project manager who worked for Ye in 2021 named Tony Saxon is suing West for hazardous working conditions, unlawful wage withholding, and wrongful termination.
Saxton alleged that he was sleeping in makeshift conditions and ignored when he raised concerns about various safety hazards, claiming he was ultimately terminated for refusing to comply with a request pertaining to the house.
The rapper has spewed antisemitic remarks since last year.
Saxton is seeking in excess of $1 million in damages, which may further contribute to West's reported financial struggles as he goes through the legal process.
West, however, has shot down the ex-staffer's claims in his response. "Defendant denies generally and specifically each and every allegation contained in the complaint, and each and every purported cause of action contained in the complaint," according to his filing.
A lawyer for Ye also denied that Saxton "sustained any injury, damage, or loss by reason of any act, omission or breach by Defendant and denies that Plaintiff is entitled to any or all of the relief requested in the complaint."
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As we previously reported, Ye's home will be a fixer-upper for the buyer as it doesn't have doors, windows, plumbing, architectural finishes or an HVAC system.
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"Much of the architectural integrity and the architectural value of the house exists," Oppenheimer said of the pad, which features ocean views from every room and 1,500 square feet of deck space.
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