The bizarre drama involving rapper Kanye West’s one-time Malibu beach house detoured into a convoluted new chapter with the current owner facing a foreclosure threat on the property.
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.
West purchased the property in 2021 for $57 million but left it 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. Investor Steven “Bo” Belmont bought the property in October 2024 for $21 million through his Belwood Investments.
However, Belmont relisted the property in March for $39 million, later discounting it to $34.9 million. Realtor.com is reporting that Belmont has defaulted on his $18.5 million mortgage on the property. Quality Loan Service Corp., Belmont’s lender, said the developer owed $814,623.54 as of Nov. 4.
With no buyer in sight, Belmont is now listing the property as part of Populis, a timeshare platform that enables the purchasing of “partial economic ownership” in the property. Populis members can invest up to $30,000 in the home. The property’s listing claims Populis members can enjoy access to “blue-chip real estate without assuming full ownership, management, or renovation responsibility.”
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