American rapper and producer Kanye West has reportedly secured a loan to purchase a $35 million mansion in Beverly Hills, which he closed on last month.
According to recent reports from The Daily Mail, Kanye and his wife, Bianca Censori, borrowed a total of $15.5 million for the purchase. Of this amount, $12.5 million came from Lone Oak Fund and its investment division, Lone Oak Industries. The remaining $2.7 million was lent by a company owned by fitness entrepreneurs Richard and Lucy Glassman, through a private lender that markets itself with the slogan, “when banks say no, private money is the only way to go.”
The Glassman family explained to the outlet their reasons for backing Ye, saying, “When you have a total of 40 percent loan to value, it’s a good investment. This is the great creativity of the broker, it’s not the creativity of Kanye West, they do all the due diligence, I’m just the little guy. To be totally honest, sometimes when investors look at celebrities, they don’t want to do it. Well, it definitely is, because if they don’t pay, we get a $35 million property.”
He added: “But we would prefer they just pay, we don’t want to hurt nobody, we’re just investors. We want to get a return on our money.”
The luxurious 20,000-square-foot estate features 11 bedrooms, 18 bathrooms, a guest house, a swimming pool, a tennis court, and a private waterfall.
Reports say Kanye West intends to rent it out rather than live there.