Kanye West has reportedly purchased his childhood home in Chicago’s South Shore neighborhood, just days after Forbes Magazine named him a billionaire.

It certainly won’t break the bank by any means, as real estate reporter Dennis Rodkin tells WGN9 that the rapper purchased the home for around $225,000, and will need at least $60,000 in repairs, after it had been left in ruins.

The property was previously bought by a charity connected to West, that he has since cut ties with, following a feud with his childhood friend, rapper Rhymefest.

Sentimental value: Kanye West recently purchased his home in Chicago for around $225,000, and will need at least $60,000 in repairs, after it had been left in ruins.

The charity, Donda’s House – named after his late mother who died in 2007 following complications with a cosmetic procedure  – bought the home in 2016 with plans to turn the building into a community arts ‘incubator’ for at-risk youths.

Rhymefest had announced that the house would serve as the non-profit’s headquarters, featuring a pioneering recording studio and museum, in the hope to inspire the next generation.

But since those plans fell apart, in the last few years the house has been seen littered with hart-shaped post-its, old CDs and beer bottles. The report adds that it would cost less to tear the house down than to renovate it.

Tribute: West had previously been involved in turning the house into a charity HQ to honor his late mother Donda West (pictured above) who died in 2007

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West’s mother Donda purchased the home back in the early 1980s and sold it in 2004.

Donda was an English professor at Chicago State University and is said to have mentored Rhymefest – real name Che Smith – while he was growing up with her son on the South Side.

Things came to ahead in 2018 when Rhymefest (who served as the charity’s creative director) got into a social media feud with West’s wife Kim Kardashian West.

Credit due: The publication has valued West’s assets at just over a billion, claiming that he is worth around $1.26 billion, while the rapper had claimed that the figure was around $3 billion

Hot property: An aerial view of Kanye’s Hidden Hills, CA property. He purchased the property from Lisa Marie Presley in 2014 for $20million

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“You’re over leveraging Kanye’s name & asked Kanye to donate money to u so stop w your fake community politics & lies,” Kardashian West wrote on Twitter.

“Truth is you haven’t been able to sustain the foundation.” She later added, “You better believe I will make it my mission to take Donda’s House from you and let my children run it the way it should be run!”

Rhymefest denied the accusations in a statement, stating they would no longer be using the name ‘Donda’s House’ for their organisation.

It is unclear what West has planned for it, but there will certainly be no expense spared as the rapper’s net worth was recently pegged to $1.26bn by a Forbes Magazine report.

Family fortunes: Kanye pictured with his wife Kim and their children in December last year

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However, the article noted that West was left unhappy with their research and findings – stating that he believed his net worth to be around $3.3 billion, rather than the $1.26 billion they have estimated.

‘It’s not a billion,’ West allegedly texted the publication last week. ‘It’s $3.3 billion since no one at Forbes knows how to count.’

West follows sister-in-law Kylie Jenner, 22, who was named by Forbes as the youngest ‘self-made’ billionaire for the second year in a row.

The rapper was said to be unhappy when his name was left out of the rich list earlier this month.