Kanye West has reportedly spent $60 million to buy a new beachfront property in Malibu

An insider told People: "With views of the Pacific Ocean, the house has straight angles … with an emphasis on light. It clearly takes a very specific buyer to appreciate this home.

"It was on the market … for over a year before Kanye bought it. It's perfect for Kanye … He is very happy to be the new owner of this incredible house."

The rapper - who is one of the world's best-selling musicians - also owns two ranches in Wyoming, as well as a property in Hidden Hills, California, with his estranged wife Kim Kardashian.

Meanwhile, Kanye recently reached a deal to end a lawsuit with a tech company who accused him of stealing their ideas.

The outspoken star and MyChannel informed the court they had reached an agreement between themselves, with both parties set to pay their own legal fees and the company agreeing to dismiss all claims against the 'Stronger' hitmaker, according to RadarOnline.com.

MyChannel originally filed the lawsuit in August 2020, claiming Kanye told them he admired the way their tech used artificial intelligence "to incorporate e-commerce in video content" and that he planned to use it on his Yeezy website.

The firm alleged they spent a lot of money developing a program for the 'Bound 2' singer, only for him to back out of the deal.

The company subsequently accused him of stealing their idea and using it for his 'Sunday Service' shows without ever paying them.

However, Kanye denied any wrongdoing.