The notorious Malibu, California, property of rapper Kanye West that was acquired last September at a severely discounted price is back on the market for $39 million.
The Wall Street Journal reports the property’s owner Belwood Investment’s CEO Bo Belmont, is continuing with the restoration of the site, which West purchased the property in 2021 for $57 million but left unfinished after a highly publicized but ill-fated renovation project. West listed the property in January 2024 for $53 million and reduced it to $39 million three months later – Belmont bought the property for $21 million.
The property spans 4,201 square feet and is constructed of approximately 1,200 tons of concrete, 200 tons of steel reinforcement, and 12 massive pylons driven more than 60 feet into the sand. The home includes 1,500 square feet of outdoor decks with ocean views from every room.
Belmont expected the restoration process will be completed early next year, but he admitted that it was financially viable to sell it now.
“The minute I start going over a year of hold time, it lowers my average return on investment,” he said. “And my number one goal with my business is to take care of my investors.”
Belmont added he received several unsolicited offers below his listing price, stating, “I’m obviously not going to take that, but there’s been a lot of activity.”
Photo courtesy of Zillow
