Belwood Investments announced its discounted acquisition of the Malibu property of rapper Kanye West.
West purchased the property in 2021 for $57 million and gained notoriety with a highly publicized but ill-fated renovation project that remained unfinished when he listed it for sale last January for $53 million. After a price reduction to $39 million in April, Belwood Investment’s CEO Bo Belmont made an initial offer of $20 million – the property changed hands for $21 million, with an escrow closing on Sept. 26.
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.
Belwood Investments plans to restore the property to its original design as envisioned by the renowned architect Tadao Ando and will contract Marmol Radziner, the original architectural firm that developed the project for previous owner Richard Sachs.
“Acquiring this iconic property is a testament to our dedication to providing exceptional investment opportunities,” said Belmont. “Our goal is to restore this home to its full potential while making luxury real estate accessible to a broader audience. We believe that investing in real estate should be exciting, and we’re looking forward to sharing this journey with our investors.”
Photo courtesy of Zillow
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Hungry forgets about $$$$ & this is an example… Right? Yessss.
California real estate is not a good investment. Who would want to live there anyway?
It was probably listed for a ridiculous price and the buyer offered the real market value. Therefore, it was not a huge loss.
That’s a huge loss.
That listing was featured on Selling Sunset. Inside everything was stripped to concrete and considered ART. lol. That’s not huge loss because it was overpriced and sold at market value. who would pay $57Mil for concrete block? Its few more millions to finish it.