Realtor: Inside Kanye West’s 7-Year Journey to Sell His Home: What Went Wrong?

Tuesday, August 8, 2017

Inside Kanye West’s 7-Year Journey to Sell His Home: What Went Wrong?

Jeff Kravitz/FilmMagic

Kanye West might be a megastar with millions watching his every move, yet the Los Angeles Times just unearthed a rare nugget of news that almost flew under everyone’s radar: Two months earlier, the rapper/fashion designer/Kardashian spouse quietly sold his home in Hollywood Hills for a mere $2.95 million.

You could even say that the place was West’s “starter home”—he’d purchased it in 2004 for $1.75 million, the same year his debut album, “The College Dropout,” was released. But what a starter home it was: This 4,200-square-foot, three-bedroom, four-bathroom mansion is in an exclusive gated community, and sports those panoramic views that most Hollywood Hills buyers crave.

So, it stands to reason that, six years later, in 2010, West put it back on the market at a sizable markup: $3,995,000. Considering West had traversed these hallways, that price wasn’t too much to ask, right?

Yet there his house sat, with no takers.

Once it became clear that buyers weren’t banging down his door, West cut the price to $3.3 million in March 2013, then to $2.95 million six months later, in September 2013. After that, records show the listing vanished from the multiple listing service, only to rear its head four years later, in June 2017, as sold.

So, of course we’re dying to know: Why did it take West seven years to unload this home—and why did it sell for so much less than he’d hoped?

The last known real estate agent linked to this listing, Alexander Davis of Beverly Hills, could not be reached for comment. But other real estate agents in the area and experts nationwide have plenty of theories about why West’s home didn’t fly off the market. Here’s a rundown of the reasons.

The home was overpriced

Gary Gold, a Los Angeles–based luxury real estate agent and executive vice president of Hilton & Hyland, thinks that West’s initial list price of $3,995,000 was way too high. Even after the price dropped to $2.95 million in 2013, Gold believes that this was also a reach.

“It was out of range in 2010 and still slightly out of range in 2013,” Gold says.

Brian Davis, director of education at SparkRental, agrees: “It looks like Kanye had unrealistic expectations.”

The home was listed at a bad time

Bad timing also likely contributed to West’s real estate sale fail. In 2010, just two years after the real estate crash, home prices were still falling nationwide.

“While the recession was technically over by then, it didn’t feel like it was over, even—or perhaps especially—at the high end of the market,” says Davis. “Homes in this price range have a limited pool of buyers, and there were even fewer people blowing $4 million on three-bedroom houses in 2010.”

The property is a tad small

The house itself also suffers from a few drawbacks.

“Buyers who can afford $4 million houses in that area either want more living space or more acreage,” says Tyler Drew, a Los Angeles Realtor® and president of Anubis Properties. “Even though the house is 4,200 square feet, millionaire buyers want more than three bedrooms.”

Star power doesn’t help sell a home

Contrary to what some people might think, a property that boasts a celebrity owner is not likely to bring in a higher asking price.

“It will bring eyeballs to the listing, but it won’t add value to the house,” says Gold.

“Celebrity notoriety does little to impact overall sales performance, aside from add a little mystique to an otherwise run-of-the-mill luxury listing,” says Rich Murdocco, a New York City–based luxury real estate expert.

West, of course, didn’t associate his name with the listing while it was on the market. Even if he had, it’s unlikely that factor would have brought in serious buyers.

Lackluster pics

Last but not least: We all know that photos sell a listing. And these pics, well, let’s just say they leave a lot to be desired. Check out a sampling below. They’re not awful, but honestly now, if you had $3 million or $4 million to spend on a home, would these images inspire you to pay up? At the very least, they give you a rare glimpse of West’s odd taste in decor, but we sure wouldn’t say they helped him sell this home.

All of this might help explain why this deal was done on the down-low: It’s certainly nothing to brag about.