PPP loan beneficiary Kanye West prepares new mega-mansion
The day after news broke that Kanye West’s shoe company Yeezy had received a multi-million dollar loan as part of the federal government’s coronavirus stimulus package, a report said the billionaire rapper had received approval from build a new 10-bedroom mega-mansion on his Wyoming property.
TMZ reported Tuesday morning, officials in Cody, Wyoming, had just signed West’s plans to build a 52,000 square foot home on his ranch. The mansion, which he will use for himself, his reality TV star wife Kim Kardashian, and their four children, will replace a set of lakeside cabins and accommodations currently there, TMZ said. The plans also show that West wants to build two 10,000 square foot underground garages.
West bought Monster Lake Ranch last year, after traveling regularly to Wyoming to make music, starting in 2017, the New York Times reported. West and Kardarshian already have a mega-mansion – their eight-bedroom compound in Hidden Hills. The couple spent $ 20 million and several years to expand and renovate the complex, which includes two swimming pools, bringing its value to around $ 60 million, TMZ previously reported.
News on West’s latest home-building extravaganza comes after the Daily Beast reported that his sneaker company Yeezy had received a loan worth between $ 2 million and $ 5 million under the Paycheck Protection Program.
The program is part of the Trump administration’s $ 2 trillion CARES Act, designed to provide economic relief to small businesses during the coronavirus pandemic. According to the US Treasury, Yeezy LLC, based in California, identifies itself as a black or African American company. With the loan, Yeezy said he saved 160 jobs.
The Daily Beast said Yeezy made $ 1.5 billion last year. West and Kardashian, an entrepreneur herself, recently celebrated becoming billionaires. West achieved status in April, Forbes reported. Last week he tweeted his congratulations to his wife after she claimed to have become a billionaire as well.
“I’m so proud that my beautiful wife Kim Kardashian West has officially become a billionaire,” West tweeted, alongside a photo of vegetables and flowers.
I’m so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God shines on you and our family
So blessed is still life
So I made you this still life
We love you so much pic.twitter.com/Vvtgzodnah
– you (@kanyewest) June 30, 2020
West’s PPP loan also presents a potential conflict of interest, aside from the fact that he and Kardashian like to flaunt their lavish lifestyles, the Daily Beast reported. The rapper is a staunch supporter of President Donald Trump and has had several visits to the White House.
Kardashian is also known to have close ties to Jared Kushner and Ivanka Trump, the president’s son-in-law and daughter, who are also his senior advisers in the White House. Kardashian worked with Kushner on criminal justice reform and was invited to dinner at the Kushners’ home in Washington DC
– Newsweek (@Newsweek) June 1, 2018
It turns out that West and Kushner are also among a number of business owners linked to the president and his administration who have received P3 loans. The daily beast reported that several companies linked to Kushner and his family could get up to $ 6 million in loans.
Meanwhile, West has been busy sparking the news and outrage in other ways.
On Saturday, July 4, West proclaimed on Twitter that he was running for president. But CNN also reported that West had taken no formal steps to run, such as registering with the Federal Election Commission or collecting enough signatures to participate in the November ballot.
So, it could be that West’s presidential announcement is just a PR ploy to promote new music or some other business. Nonetheless, he got a boost for his presidential aspirations from his wife, of course, and fellow billionaire Elon Musk:
You have my full support!
– Elon Musk (@elonmusk) July 5, 2020