Kanye West lists properties as he's ‘desperate for money'

News.com.au

a day ago

Kanye West is offloading two more of his properties in Los Angeles amid reports he's 'desperate for money'.
According to The US Sun, the controversial rapper is selling both his burned-down church building in the San Fernando Valley and his derelict ranch in Calabasas.
The 48-year-old Grammy winner, who goes by Ye, may be desperate for cash after his career took a nosedive due to his wild behaviour.
Sources say the musician's spending is out of control, and his Yeezy business has ground to a halt.
Despite claims he's a billionaire, insiders alleged this is far from the truth, and he has pending lawsuits and tax debt piling up, as previously reported by The US Sun.
Last month, he put his upscale Calabasas condo on the market for $2.95 million ($A4.52 million) as he faces over $US60,000 ($A91,000) in unpaid property taxes tied to the home.
He was given the property in his divorce from Kim Kardashian, which was finalised in November 2022.
Kanye's $53m deal to save Censori marriage
Now, listings show he is trying to offload two more of his Los Angeles properties.
The rapper's rundown church building in Northridge, north of the city, went up in flames in October 2024 after it was left to rot, and officials suspected arson.
Neighbours previously warned of squatters at the building and were worried about Kanye not looking after it.
The fire burned the residence to the ground, and all that remains is torched grass after the site was cleared and cordoned off with tape.
Ye has now put the land up for sale for $US1.5 million ($A2.2 million), the same price it was bought for in 2023.
The lot is behind Cornerstone Christian Church, where he became close to former pastor Ron Nagin, while hosting his Sunday Service events at various venues.
It was previously reported that 12,000 people signed a petition pleading for Nagin to turn him away, as Ye was interested in leasing space at the church.
While a church source claimed that there was no way it would ever sell to Kanye after his anti-Semitic rants, they'd already quietly sold him property on its estate.
The deal was done on January 30 2023 to The Blue Spruce Trust, whose trustee is Ye.
The Yeezy founder is also selling his Calabasas ranch, once a base for his failed Christian private school, Donda Academy.
The gated property features two dwellings, a workshop barn, and is accessed via a private bridge, according to the listing.
The main house boasts four bedrooms and three and a half bathrooms.
Photographs obtained by The US Sun show it has been partly demolished and requires restoration work after Kanye tore it apart like many of his other residences.
The property comes with an adjoining lot of just over an acre, where a new buyer could build or put in a pool or tennis court.
HOTEL LIVING
It is said to be the perfect listing for a 'country living equestrian buyer, who appreciates the outdoors and peaceful tranquillity of the serene Calabasas mountains.'
Ye also owns an abandoned ranch in Wyoming and a derelict $US6.7 million ($A10.2 million) Yeezy Headquarters in West Hollywood, which he gutted and had the roof torn off.
His three properties going on the market are yet another sign Kanye might be tightening his belt.
The hit maker was recently pictured arriving at LAX and standing in line for security ahead of a commercial flight after previously flying on private jets.
The rapper and his second wife, Bianca Censori, took out loans to pay for a new $$US35 million ($A53 million) mansion in Beverly Hills late last year, which has a massive steel bridge and a security pavilion.
The spacious home has 11 bedrooms and 18 bathrooms and is situated in a gated community full of celebrities, including Adele.
Despite owning the lavish home, they have been spending more time living out of luxury hotels, according to sources.
They have been booking suites at the Four Seasons and Chateau Marmont in Los Angeles in recent months.
When they are not blowing through thousands of dollars in California, they are also living in style in hotels in Tokyo, Japan.
'BILLIONAIRE' STATUS
Earlier this year, Ye claimed he had an astronomical $US2.77 billion ($A4.3 billion) net worth. However, Forbes estimates it as a far more modest $US400m ($A612 million).
According to a note from the editor, the entrepreneur 'lost his lucrative multi-year deal to design sneaker brand Yeezy for Adidas', which was valued at $US1.5 billion ($A2.2 billion).
The outlet claimed that 'without it, West's fortune drops to $400 million'.
The publication states Ye's current fortune includes cash, real estate, the value of his music catalogue and a 5 per cent stake in his ex-wife Kim Kardashian's shapewear brand Skims.
It is understood the rapper owns around $US75 million ($A115 million) worth of property.
Over the past few years, the beleaguered star experienced a number of financial woes — including nearly filing for bankruptcy in 2022 after he was dropped by several brands like Gap and Balenciaga due to his antisemitic outbursts.
Ye has struggled to get his music career back on track in recent months after a string of bizarre stunts and rants on X about Nazis.
His account was deactivated in February following numerous warnings on the platform.