Buyer closes on Kanye West's gutted Malibu mansion for $21 million

The buyer of Kanye WestThe gutted Malibu, California, mansion has officially closed on the property – with plans to completely restore it.

Real estate investment company Belwood Investments bought the property for $21 million on Thursday and announced ambitious plans for the beleaguered property.

CEO of Belwood Investments Bo Belmont In an interview with the Los Angeles Times, he called some of West's decisions to gut the house “stupid.”

“My goal is to make it like Kanye was never there. “The house will be back to the condition it was in,” Belmont said.

Belmont also told Realtor.com® that the company targets luxury real estate and this home “meets all of our criteria.”

“Compared to our other projects, this is a relatively simple project. The duration is 12 to 14 months with a cost forecast between $6 million and $8 million,” he said.

Belmont added that he wasn't intimidated by the condition of the house because it was “built stronger than anything I've ever seen.” We basically just have to put it back together. The first thing I plan to do is start construction with the original builders Richard Sachs.”

He added that he plans to collaborate with the architectural firm Marmol Radziner, which was involved in the first construction of the house, which was completed in 2013.

Damaged domicile

West passing by Herbought the concrete fortress designed by the legendary architect Tadao Ando in 2021 for $57.25 million. He then removed everything – doors, windows, plumbing and electrical – as part of his plan to turn it into an outdoor bomb shelter.

But Ye, a controversial figure said to be worth $400 million according to Forbes, left before the project was completed. Earlier this year, he put it on the market at a huge loss for $53 million with the “Selling Sunset” star Jason Oppenheim the Oppenheim group.

Because renovations had not been completed, causing damage to the property, the price was reduced to $39 million in April. The buyer received an additional deep discount by closing in July and closing the sale on September 26th.

“Expensive and prestigious”

In a press release, Belmont noted that this transaction represents the “most expensive and prestigious property” in the company's portfolio.

His company enables small investors to purchase high-quality real estate. The press release states that 500 investors were involved in this purchase.

The plan is to pour $5 million into renovations to restore the property and then turn it into a profit for its investors.

“We are incredibly excited to acquire this property,” Belmont said in a statement. “This is not just a phenomenal real estate investment; It is an opportunity to revitalize and preserve an architectural gem of the famous Tadao Ando, ​​ensuring it remains a gem of Malibu. This acquisition is an example of Belwood Investments’ commitment to transforming properties with historic and architectural significance while delivering exceptional returns for our investors.”

Malibu Wonder

Completed for Sachs in 2013, the 4,000 square meter structure contains more than 1,200 tons of concrete and 200 tons of reinforced concrete.

It was built on sand and supported by 12 massive caissons driven 60 feet into the rock.

The minimalist four-bedroom, five-bathroom home offers open spaces, ocean views and indoor-outdoor living spaces.

Although the home has been stripped of its luxury features, Belmont told the Times that he believes the changes Ye made are “largely cosmetic.”

The restoration and repair work is expected to take between 12 and 16 months, the release said.

Jason Oppenheim with The Oppenheim Group representing the seller. Jean Baptiste Rugiero with The agency represented the buyer.