Just six months ago, Steven “Bo” Belmont was jazzed about having acquired a Tadao Ando-designed house in Malibu from Kanye West for a discounted $21 million. At the time, the founder and owner of Belwood Investments, a California-based real estate crowdfunding firm that’s been flipping homes since 2018, aspired to raise at least $5 million to restore the unfinished property during the next year or so to its original state and then hoist it back up for sale at around $40 million.
“This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu,” Belmont said via a press release. “This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
But that was then. Belmont has now decided to put the place back on the market a little sooner and a lot more incomplete than expected. He’s asking a substantial $39 million for the oceanfront spread, which is listed by Jason Oppenheim of The Oppenheim Group and Mauricio Umansky of The Agency.
The four-bedroom, five-bath home clocks in at just over 4,000 square feet.
Roger Davies
Records show the increasingly erratic music mogul-turned-Yeezy fashion designer doled out a whopping $57.3 million in cash for the residence in fall 2021 and then controversially gutted the place in preparation for a redesign. He proceeded to rip out all the windows, doors, and interior finishes before changing his mind and flipping the vacant and uninhabitable concrete shell back on the market in early 2024 at $53 million. The price was later slashed to $39 million, and after languishing and sitting exposed to the elements for nearly three years, it finally sold for $21…