Kanye West’s Gutted Malibu Mansion Asking Price Drops by $14 Million

Turns out real estate’s not all about location, location, location … ’cause Kanye West‘s gutted Malibu mansion’s not a hot ticket item — and he’s slashed the cost a lot to sell it.

TMZ has learned the mansion’s price came down Wednesday … It started with a $53 million price tag in January … and has now dropped to $39 million this week. For those bad at math … that’s a $14 million price reduction.

The drop isn’t totally shocking … the house doesn’t even really have walls, and it basically feels somewhat uninhabitable at this point — so, whoever buys it needs to make serious renovations to the property, and it’ll probably end up costing a ton of dough to do that.

As we reported … Ye’s been trying to unload this expensive property since December — and, he even enlisted “Selling Sunset” star Jason Oppenheim to make it happen.

Jason told us at the time he wasn’t worried about the serious renovation needs … saying the house is basically a blank canvas — and allows the new owner to tailor it to their tastes.

Seems not a lot of prospective new owners are jumping at the listing though … the house is sorta languishing in the middle of one of the ritziest communities Los Angeles has to offer.