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According to reports, Kanye West borrowed a significant amount of money from some unusual sources to buy the $35 million property in Beverly Hills that he closed on last month.
On Monday, November 11, the Daily Mail reported that Ye and his wife, Bianca Censori, had borrowed $15.5 million in total.
A private money lender with the motto “when the banks say no, private money is the only way to go” provided nearly $2.7 million from a business owned by fitness entrepreneurs Richard and Lucy Glassman, while the remaining 12.5 million dollars came from Lone Oak Fund and its investment arm Lone Oak Industries.
“When you have a total of 40 percent loan to value, it’s a good investment,” the Glassmans told the outlet while discussing their choice to fund Ye. I’m just the little person; the broker does all the due diligence, so this is their brilliant inventiveness, not Kanye West’s. To be really honest, investors occasionally decide not to invest after seeing celebrities. Indeed, it is, since we receive a $35 million property if they fail to pay.
“But we would prefer they just pay,” he continued, “since we’re just investors and don’t want to damage anyone. We’re looking for a return on our investment.
With 11 bedrooms, 18 bathrooms, a guest house, a tennis court, a swimming pool, and even its own waterfall, the opulent 20,000-square-foot estate has it all.
The story claims that Kanye West intends to rent it out rather than move in.
Fans may recall that Ye’s initial concept, known as YZY DROAM, was to construct his own metropolis in the Middle East.
The rapper may be working on bringing his daring ideas to Beverly Hills, according to a social media post.
The rap icon shared a picture of the house on his Instagram Stories with the scrawled comment, “DROAM,” implying that he has big plans for his new estate.
In 2023, Kanye was looking for contractors, engineers, architects, and project managers for his 100,000-acre project in the Middle East.
In 2020, the Chicago native had intended to establish his own city in Wyoming, but the state blocked his plans.
Known as YZY CITY, it was characterized as a “hyper-utilitarian” underground city that supported a complete loop of self-sustainable life and could house 200 people.
Additionally, it was reported in 2022 that West had submitted trademark applications that would enable him to establish the “Yecosystem,” a miniature town.
Rolling Stone was informed by sources close to the rapper that the campus will feature branded residences and retail establishments selling food and drink products with the Yecosystem brand, with ambitions to construct additional locations throughout the United States.