Kanye West to sell multi-million luxury car collection to avoid bankruptcy
Renowned American rapper, Kanye West has been reported to be cash-strapped given the multiple challenges that negatively impact his finances.
The rapper is going through a difficult time that has caused him serious financial problems and has put him on the verge of ruin, something that could affect his collection of expensive cars.
Due to his controversies, Kanye West has been forced to part with his extensive collection of vehicles, which includes several Lamborghinis (including the Aventador and Urus), a Bugatti Veyron, a Mercedes McLaren SLR, and others. And because of this circumstance, he is reported to have changed his customary, opulent way of life.
Kanye West’s extravagant garage serves as ample evidence that his car collection is equally extravagant as the rest of his way of life. The rapper, songwriter, and producer have amassed an incredible collection of high-end vehicles with prices well over $3 million.
He has had a significant impact on pop culture, fashion, and all genres of music. But West’s popularity has fallen significantly in recent months, particularly after his split with his estranged wife Kim Kardashian.
West has been entangled in dumb controversies recently including sporting a T-shirt that read ‘White Lives Matter,’ at a Paris Fashion Week. Later, he spread anti-Semitism via social media posts, which prompted Twitter to lock his account and Meta to censor his Instagram handle.
In addition, brands and businesses that continued to support him despite his mounting problems have now made the decision to stop working with him one at a time.
By the end of October 2022, Kanye West, or Ye as he is formally known, had lost almost all of his connections to the brands he had been affiliated with in addition to his status as a billionaire.
Adidas was the last to abandon him, breaking a million-dollar contract with him after accusations that he had shown executives of the German brand compromising images and videos of Kardashian during meetings.
According to Bloomberg, the music producer is officially worth $6.6 billion, which makes him the richest Black man in America’s history.
The fashion mogul became a certified billionaire with the help of his successful apparel and sneaker brand, Yeezy, and a new multi-year contract with Gap (NYSE: GPS +1.64%) around the same time last year.
On his business, West’s Yeezy brand is valued at $3.2 to $4.7 billion Business of Fashion confirms.
West’s personal net worth is attributed to his recent business decisions and the $1.7 billion that he pockets from additional assets, including his significant investment into his soon-to-be ex-wife’s Skims label.
West has $122 million in cash and stock, while his entire music catalog is worth $110.5 million, an unaudited balance sheet of West’s finances reveals.
