Millennials might not be buying multimillion-dollar ranches, but Kanye West sure is
- There's a surplus of multimillion-dollar luxury ranches out west because they are becoming less appealing to younger generations, according to Katherine Clarke from The Wall Street Journal.
- But in the midst of this surplus, rapper Kanye West has been snapping them up - and he's not the only celebrity on a luxury-ranch spending spree.
- Over the past few months, West has purchased two massive multimillion-dollar ranches in Wyoming.
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It's no secret that millennials are reshaping the US real-estate market.
From a lack of interest in traditional country clubs to a growing focus on factors like walkability when buying luxury real estate, sectors of the real estate market that were once considered the epitome of luxury are now struggling to attract young buyers.The growing list of struggling sectors includes luxury ranches out west.
An August report by Business Insider's Hillary Hoffower, which cites Katherine Clarke from The Wall Street Journal, noted that there's a surplus of multimillion-dollar luxury ranches in the West. According to Clarke, the labor and money that goes into operating luxury ranches is pushing buyers away and causing properties to linger on the market for years.
In the midst of this surplus, Kanye West and other celebs have their choice of massive plots of land
Over the past months, Kanye West has bought two massive multimillion-dollar ranches in Wyoming.
In September, Business Insider reported that West bought a ranch that was listed at $14 million outside of Cody, Wyoming. The ranch, which is named The Monster Lake Ranch, includes a restaurant and saloon, a ranch-style event venue, a maintenance shop, an office building, horse barns, corrals, sheds, and a shooting range.
Though it is unclear whether West purchased the whole property or just a portion of it, TMZ reported that he plans to build an amphitheater on the land.
Then, on November 18, TMZ reported that West bought another ranch outside of Cody, Wyoming for $14.495 million. This ranch, which is called Bighorn Mountain Ranch, boasts 6,713 acres and includes everything from heated helicopter pads to walk-in saunas.And Kanye - who has called himself a billionaire, despite contradicting reports that put his net worth at $240 million - is not the only celebrity closing deals on massive plots of land. Just consider Dwayne "The Rock" Johnson who dropped $9.5 million on a 46-acre farm in Georgia in early November. Then there's Mike Tyson, who plans to disrupt the weed industry with his 40-acre plot of land in Southern California, called Tyson Ranch. According to The Blast, the property will feature everything from an edible factory to campgrounds and cabins. And don't forget about YouTube star Logan Paul, who purchased the California ranch where former Harvard professor Timothy Leary famously used to manufacture LSD, for $1 million earlier this month.
A representative for West did not immediately respond to Business Insider's request for comment.