Kanye West has splashed out $35 million on a new home

According to TMZ, who have viewed property records relating to the purchase, the 20,000 sq ft abode is set on nearly seven acres of land and features an entertainment pavilion connected to the main house, a paddle tennis court, and a pool area with cascading waterfalls, separate pools for swimming laps or just taking a dip, and a pool house and gazebo.

It seems the property was a bargain because another home in the community - where the likes of Sylvester Stallone, Eddie Murphy, Justin Bieber, Denzel Washington and Sir Rod Stewart have lived over the years - recently sold for $44 million.

The 47-year-old rapper's new purchase comes after the star - who is married to Bianca Censori - sold his Malibu mansion at a $36 million loss.

The Tadao Ando-designed property was snapped up by California-based real estate crowdfunding firm Belwood Investments and the firm recently slammed Kanye's "dumb" renovation project.

CEO Bo Belmont told the Los Angeles Times: "That was a really dumb move. Really no purpose.

"He single-handedly destroyed this architectural masterpiece. My goal is to make it as though Kanye was never there. The house will be restored right back to what it was."

Kanye removed the windows, doors, electricity and plumbing in the house and had plans to turn the stairs into a slide, the floor into trampolines and camouflage the outside of the house.

Belmont added: "It would have required extensive review... There's a process to it and he does things his own way, and the city of Malibu, they don't care who you are they'll hold you accountable."

Speaking previously about the purchase, he said in a statement: "This is not just a phenomenal real estate investment; it is an opportunity to revitalise and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu.

"This acquisition exemplifies Belwood Investments' commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors."