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Kanye West has offloaded his Malibu house at a $36 million loss.
The rapper bought the architect-designed property in 2021 for $57.3 million (£43.6 million) but has now offloaded it for significantly less than he originally paid.
The oceanfront home was sold to crowdfunded investment firm Belwood Investments for $21 million (£16 million), leaving Kanye with a shortfall of approximately $36 million (£27.4 million).
"This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu," the new owners said in a statement.
"This acquisition exemplifies Belwood Investments' commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors."
After Kanye, 47, first purchased the home, he had the entire thing gutted with a view to remodelling from scratch. However those plans appeared to have fallen over by January 2024 when he put the home back on the market, with an asking price of $53 million (£43 million) - which would still have been a loss.
In April, he slashed the price further to $39 million (£29.7 million) but was unable to find a buyer.
The rapper bought the architect-designed property in 2021 for $57.3 million (£43.6 million) but has now offloaded it for significantly less than he originally paid.
The oceanfront home was sold to crowdfunded investment firm Belwood Investments for $21 million (£16 million), leaving Kanye with a shortfall of approximately $36 million (£27.4 million).
"This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu," the new owners said in a statement.
"This acquisition exemplifies Belwood Investments' commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors."
After Kanye, 47, first purchased the home, he had the entire thing gutted with a view to remodelling from scratch. However those plans appeared to have fallen over by January 2024 when he put the home back on the market, with an asking price of $53 million (£43 million) - which would still have been a loss.
In April, he slashed the price further to $39 million (£29.7 million) but was unable to find a buyer.