Kanye West Purchases Beachfront Malibu Property for Nearly $60 Million: Source

"With views of the Pacific Ocean, the house has straight angles … with an emphasis on light," a source tells PEOPLE of the property

Kanye West has some new digs!

The 44-year-old rapper recently purchased a new beachfront Malibu property for nearly $60 million, a real estate source confirms to 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," the insider says. "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."

<a href="https://people.com/tag/kanye-west/" data-inlink="true">Kanye West</a> seen leaving Michiko Sushino restaurant with his daughter North West (not pictured) in Queen's Park on October 10, 2020 in London, England.
Neil Mockford/GC Images

RELATED GALLERY: Inside Kardashian-West HQ: All the Photos Kim and Kanye Have Shared of Their $60 Million Mansion

The Yeezy designer also owns two massive ranches in Wyoming, and shares a home in Hidden Hills, California, with his estranged wife Kim Kardashian. The couple purchased the house for a reported $20 million in 2014, though Kris Jenner tweeted in April 2018 that the house's worth had increased to $60 million.

Kardashian and West worked with architect Axel Vervoordt to create a unique all-white interior for the house.

When choosing the Belgian designer to come up with the ideas for their distinctive home, West told Architectural Digest, "When I saw the kind of work he was doing, I thought, This man could design Batman's house. I had to work with him."

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In a "73 Questions" video interview with Vogue, Kardashian gave a tour of the house and said that the vibe of the home was inspired by Vervoordt, and, of course, West.

"I would say [it's] like a minimal monastery," Kardashian explained in the video, which shows off many of the mansion's massive, sparsely decorated rooms.

Inside Kim and Kanye's Home
Kim Kardashian/Instagram

West might soon be turning his enthusiasm for architecture and interior design into his latest business venture.

Earlier this month, West filed a trademark with the United States Patent and Trademark Office that listed a variety of homeware products, Business of Fashion reported.

West's intellectual property holding company Mascotte Holdings Inc., registered the trademark to cover everything from blankets, pillowcases, and towels to tapestries, shower curtains, and placemats — detailing silk, cashmere, and fleece items. He has yet to make any announcements about a homewares collection.

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