Kylie Jenner put her former Calabasas, California home on the market. Currently, its value is $3.6 million. Prior to this, the reality star purchased her newest mansion for $36.5 million after the price was originally $55 million.
In the meantime, there are questions over Kylie Jenner’s wealth. Fans wonder if she’s really a self-made billionaire. On Friday, May 29, Forbes published a new report revealing the truth behind her wealth and the success of her Kylie Cosmetics company.
Kylie Skin founder puts her home on the market for $3.6 million
Per CNBC, Kylie Jenner put her former Calabasas, California home on the market for $3.6 million. The house is located in the Oaks neighborhood. Most of the Kardashians own properties in that area. Back in 2017, Kylie purchased the home for $2.6 million. Then she sold the property for $3.2 million after renovations.
The 5,000-square-foot home features five bedrooms and six bathrooms, according to a listing published by April Lopez and Jay Ravnikar of The Agency. You can view the photos on the CNBC website. Meanwhile, the second floor features a master bedroom with an attached bath, walk-in closet, and a walk-in shoe closet.
In addition, it has a guest house, outdoor kitchen, swimming pool, and a private spa. Kylie has many properties throughout Southern California, including a $13.5 million in Beverly Hills mansion, a $12 million estate in Hidden Hills, and a $35.6 million mansion in Holmby Hills.
Kylie Jenner is no longer a self-made billionaire
Last year, Forbes originally reported that Kylie Jenner is the world’s youngest self-made billionaire. Presently, Forbes revealed that Kylie “has been inflating the size and success of her business.” Per The Los Angeles Times, Kylie denied the report on Twitter, writing, “I thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period.”
According to Forbes, the “extensively-reported investigation was triggered by newly-filed documents that revealed glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders.”
Therefore, Kylie and her momager provided falsified tax documents. However, that doesn’t mean that Kylie doesn’t mean she filed a fraudulent tax return. Kylie could face criminal investigation due to Forbes’ new report, per Daily Mail.
Coty stock down 10.4% on Friday
Kylie Jenner reportedly made billions from her Kylie Cosmetics brand. She sold 51% stake of the company in a deal with Coty that valued her company at $1.2 billion. But on Friday, shares of Coty took a nosedive after Forbes removed Kylie from its list of billionaires, per The Motley Fool. Coty stock decreased to 10.4% as of 2:32 p.m. ET.
Now, rumors are swirling that Henkel could acquire the company. Both companies have been in talks for months. Coty is in the middle of a transition, but the coronavirus pandemic dampened its latest prospects. Its first-quarter results revealed that organic sales decreased 20%. It’s not looking good for the future of the company.
Amid the Forbes report, questions are swirling about the Kylie Jenner acquisition and her wealth.