Kanye West’s notorious Malibu, California, residence that was left in an unfinished restoration and sold at a steep discount was acquired after roughly a week after being flipped.
The Wall Street Journal reports an investor group led by Andrew Mazzella, a Montana-based luxury-home developer, acquired the property from Belwood Investments, a crowdfunding company owned by Steven “Bo” Belmont. Belwood paid $21 million last year for the property and relisted it last week for $39 million. The sale price was not disclosed, but Belmont said the contract price was between $30 million and $34 million.
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.
Photo courtesy of Zillow
