Back in fall 2021, Kanye West doled out a whopping $57.3 million in cash for an oceanfront Malibu house designed by noted Japanese architect Tadao Ando. Shortly afterward, the music mogul-turned-Yeezy fashion designer controversially gutted the residence in preparation for a redesign, ripping out all the windows, doors, and interior finishes before changing his mind and flipping the vacant and uninhabitable concrete shell back on the market this past January at a steep $53 million. Alas, there were no takers, and within a few months the price had been slashed all the way down to $39 million. Now, after nearly three years languishing and exposed to the elements, the property is finally in escrow to be sold for $21 million—a staggering $36 million less than West paid.
As first reported by The Real Deal, the discount-minded buyer is Belwood Investments, a California-based real estate crowdfunding firm that’s been flipping homes since 2018. The new owner plans to raise at least $5 million to restore the unfinished property to its original state during the next 12 to 16 months and then put it back up for sale at around $40 million.
“We are incredibly excited about the acquisition of this property,” said Belwood founder and owner Steven “Bo” Belmont via a press release. “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. This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
The Malibu Road home before West stripped it of windows, doors and all interior fittings.
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Originally designed and built for financier and art collector Richard Sachs by the Pritzker…