Kanye West‘s desperate $3.5 million loan for his abandoned Yeezy headquarters has exposed the rapper’s mounting financial crisis as his once-billion-dollar empire continues its dramatic collapse.
The 48-year-old secured the unconventional loan from the little-known Rediger Investment Mortgage Fund for the deserted Melrose Avenue property, which now sits covered in graffiti with its roof torn off.
He bought the 7,400-square-foot space for $6.3 million in March 2023, ironically, located next door to his former partner, Adidas.
But this latest financial move reveals just how far Ye has fallen since losing partnerships following his antisemitic outbursts in 2022. The building hasn’t been occupied since late 2023, with homeless encampments sprouting outside and vandals painting swastikas on the walls.
“People typically only seek alternative financing because they can’t qualify for traditional financing,” real estate expert Eddie Martini told Daily Mail.
Traditional banks won’t work with the controversial rapper anymore. The Yeezy HQ loan is just the latest sign of Ye’s crumbling real estate empire.
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His former Malibu mansion, which he gutted and abandoned, is now facing foreclosure after the new owner defaulted on an $18.5 million mortgage.
He also recently sold his Wyoming ranch back to the original owners for $14 million after years of neglect had left the property in ruins. The ranch, once his creative retreat, became another casualty of his financial troubles.
Even his childhood home in Chicago’s South Shore neighborhood faces tax problems, with reports showing he’s fallen behind on payments. The property that launched his journey to stardom now symbolizes his financial decline.
The burned remains of his former church property, which he bought for $1.5 million to convert into a clothing factory, now sit as a vacant lot listed for $1.35 million, $150,000 below his purchase price.
West’s real estate portfolio, once worth hundreds of millions, now consists mainly of problem properties and mounting debt.
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