Kanye West gets $8 million for his Beverly Hills teardown

The real estate market may be tanking but we can all sleep better because of this news: Hip-hop superstar Kanye West, perhaps best-known for his hit "Golddigger" has sold his Beverly Hills property for $8 million, less than a year after he bought it for $7.15 million.

The listing described the home as a "teardown" -- someone bought a home for $8 million and will scrap it to build a new one.

Perhaps West is selling it to buy something a bit nicer -- His latest hit album, Graduation, has garnered a Grammy nomination for album of the year.

Unfortunately, much of Mr. West's profit on the home was probably eaten up by real estate agent fees and the cost of plans for a new modern home that were included in the sale price.