Ye buys Beverly Hills mansion
Kanye West reportedly utilized unconventional methods of funding in making the purchase of a Beverly Hills mansion worth $35 million.
As per a Daily Mail report published on Monday (Nov. 11), Kanye and his spouse, Bianca Censori, acquired loans in the amount of $15.5M.
Out of this, $12.5 million was sourced from Lone Oak Fund and its investment arm, Lone Oak Industries, while almost $2.7 million was lent by an entity owned by fitness moguls Richard and Lucy Glassman.
Glassman discussed their reasons for funding Kanye with the publication, explaining: “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 continued: “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.”