Wednesday, November 7, 2007

Kanye West is Flipping Out in Beverly Hills

SELLER: Kanye West
LOCATION: N. Crescent Drive, Beverly Hills, CA
PRICE: $8,699,000
SIZE: 6 bedrooms, 4 bathroom
DESCRIPTION: Truly rare offering in the prestigious flats in Beverly Hills. With park-like grounds, this magnificent property, which is approx. 34,580 square feet, will lend itself to creating the estate of your dreams. Unique opportunity to acquire one of the most outstanding and notable properties in the flats of Beverly Hills. Currently there is a 6 bedroom, 4 bath home on the property considered to be in tear-down condition. Also includes plans to build two-story contemporary by world renowned architect.

YOUR MAMAS NOTES: Backstage at the MTV Music Video Awards is not the only place that hip hopper Kanye West is flipping out. Oh no children. Thanks to our tipster 5 Eyes, Your Mama has learned that Mister Big Ego is also flipping out in Beverly damn Hills. See babies, property records reveal that in March of 2007, the tirading singer bought a tear down mansion on N. Crescent Drive in the flats of Beverly Hills for $7,150,000.

Now, less than nine months later, the six bedroom and 4 bathroom dump is back on the market with an asking prices of $8,699,000. Do the math puppies. That's a $1,549,000 profit (less the considerable real estate fees).

Now babies, how many times has Your Mama told you that one of the many ways the rich get richer is buying high end houses and selling them off at outrageous profits?

To be fair, the listing does say the sale includes plans for a two story contemporary house by a "world renowned architect." But those plans just can't be worth more than a million clams, can they? So no offense Mister West, but it is Your Mama's humble and meaningless opinion that your piece of shit in Bev Hills has not increased that much in value. None the less, best of luck your your flip.

Source: Pacific Coast News (photos)


Anonymous said...

he will end up withdrawing it, the time for flipping is at it's end.

I would also imagine that he is going to fire his manager or whomever told him to do this at the wrong time.

that place is worth 2-3mm tops.

did you see the article from Fortune today ? they say a 20-30% drop in prices over the next 5 years all over the country, 20% drop in LA alone so if kayne bought it for 7.2MM he will be offered 5MM or less from serious buyers.

He should stick to music, that is what he is good at.

One more thing if he did sell it for 8.7 and kept the cash would he have to give 50% of it to uncle sam ?

Anonymous said...

maybe dog the bounty hunter will make a lowball offer.

Anonymous said...

that would be a riot, or would that create a riot ?

Anonymous said...

Not the best time to be flipping,

CNN: November 8 2007

"Worst real estate slump in decades."

Anonymous said...

The trees are beautiful.

Anonymous said...

"the sons of hollywood summer house was taken taken off of the market" the owner was asking 8MM for it although she got it for 3MM a year ago ?

I can't wait for prices to get back to normal.

Anonymous said...

"the sky is falling..the sky is falling..the sky is falling"

Anonymous said...

34,000 square feet is huge for the 600 block of the flats. In fact, it looks like a double lot to me. I wonder if West can subdivide. Because there's a better chance of meeting his ambitious asking price with two 17,000-square-feet lots.

Anonymous said...

15% ltcg if held over a year, if not, the top rate on short term cap. gains is 35% + CA state tax of course.
nice property though, would like to see inside the house, "tear down" usually means it has some history & character if you're into that sort of thing.

Anonymous said...

"They say a 20-30% drop in prices".... Who is they?? The News? NY/LA Times? etc

They've been saying prices were going to come down since 2003!!! Do you know how much appreciation people have gained in LA since then?

Nobody knows what's going to happen, but every part of town has it's own "market" when it comes to LA. If I listened to the "They said's" out there I would have never made any money. Pave your own way, and if it works for you (the numbers/ your financials), go for it! Don't be scared.

I'm eyeing a duplex in LA right now... if it goes down $50k more the seller won't sell it. If I buy it I don't care what it does in the next 5-10 yrs because I don't plan on selling it.

Anonymous said...

the only winner here is alex.. I will bet anyone that he wont get any more than he paid for it at best. He did nothing to it. Its not like Paris who lived in the house.. fixed it up.. gave it more press than clinton in the lewinsky era and had it for a few years. He bought it for tax reasons. He will lose on it, and the only winner will be Alex. And Rick Hilton... funny how things work sometimes.

Anonymous said...

"George Bush doesn't care about Flippers."

Anonymous said...


vultur said...

I genuinely hope that this over-hyped, under-talented fool loses millions on this ridiculous speculative play. He doesn't deserve his musical success and he certainly doesn't deserve success in the real estate market.