Malibu, California – Kanye West’s ill-fated project in Malibu has taken a new turn as the controversial estate has been sold to a real estate crowdfunding firm for approximately $21 million. Belwood Investments, the firm behind the purchase, intends to breathe new life into the property after Kanye West infamously stripped it down to its bare bones in 2021.
Notably, Kanye West acquired the Tadao Ando-designed home for $57.3 million before deciding to transform it into a bomb shelter by gutting the mansion. However, facing a lack of interest in the stripped-down property at an asking price of $53 million, the rapper and his realtor had to slash $14 million from the price to attract buyers.
After struggling to find a buyer, Kanye West’s team managed to strike a deal with Belwood Investments, closing the sale on September 3. The company’s CEO, Bo Belmont, has announced plans to invest an additional $5 million in restoring the mansion to its former glory, aligning with Tadao Ando’s original vision for the property.
“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,” stated Belmont. The hefty investment aims to turn the property into a treasured piece of Malibu’s architectural landscape once again.
With Belwood Investments taking the reins of the Malibu estate, the focus now shifts to the future of the property and its potential transformation under new ownership. The $5 million investment might just be the key to reviving the once-controversial mansion and restoring it to its former grandeur.