According to new legal documents, obtained by The Blast, the famous ex-couple agreed to have Kardashian continue living in their monster estate, along with the couple’s four children. But, considering they both put money into the building of the home — and it is considered community property — Kim is having to buy the rapper out of the house.
Interestingly, $20 million of the money is going for the house and the land itself, and another $3 million goes towards the contents inside the property. Remember, their estate is filled with custom pieces of art and expensive furniture which was custom made for the home.
Kim Kardashian Buys Home She Shared With Kanye West For 8-Figures — See The Breakdown!
“All furnishings, furniture, fixtures, appliances‚ collectibles, silver and art currently located in said Residence, are hereby transferred to and confirmed to (Kim) as her sole and separate property, free of all monetary claims, liens and encumbrances, except for property taxes accruing after the transfer to (Kim) and subject only to on the EXCEPTIONS in The Fidelity National Title Company Amended Preliminary Report dated 9-20-21,” the document explains.
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It continues, (Kim) shall acquire the Long Valley Residence and its contents from (Kanye) for $23,000‚O00 (“the Funds”), $20‚000,000 allocated to the Residence and $3‚000,000 to the contents.”
Also, the agreement spells out that Kanye is aware that an appraisal was done on the house and he is agreeing that the contents are worth this amount and isn’t required a full “investigation” into their current values.
“(Kanye) Warrants and represents he is knowledgeable about the Long Valley Residence and its contents, including the current values of the same‚ and he does not desire to conduct any formal discovery or other investigation regarding the value of same and waives such right of discovery. The Parties acknowledge that the Long Valley Residence was appraised by an independent appraiser as of June 2020 and that they and their counsel are familiar with that appraisal and its conclusion of value,” it reads.
In the documents, filed in L.A. County Courts, the deal between the two stars “represents a complete and final resolution as to the ownership and disposition of the Long Valley Residence and its contents, and (they) each waive and release any and all reimbursement claims she, he or the community may possess.”
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Shockingly, Kim is rich enough to just wire a huge amount of money like this to her ex-husband. In the same breath, Kanye plunked down $53 MILLION for a new beach house in Malibu in the same month. As you know, both are considered BILLIONAIRES in their own right, with Kim hitting the milestone because of her KKW beauty business and Kanye hitting it after the net worth of his ‘Yeezy’ Adidas deal skyrocketed.
At this point, the divorce is still on, even though rumors circulated of a reconciliation after the two stars were spotted hanging in New York prior to Kim’s ‘SNL’ appearance. But, we’re told he was simply helping her with the preparation, and they are continuing to work on their friendship and co-parenting.
House-warming party anyone?!