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Kanye West’s property has been purchased by Bo Belmont, who runs Belwood Investments.
The house was originally owned by Richard Sachs– a financier and art collector– before Kayne West bought it in 2021 for $57.3 million (Rs 477 crore).
Kanye West’s Malibu home has officially been sold, with the sale closing on September 26. The Tadao Ando-designed property has found a new owner after a $21 million (Rs 175 crore approx) deal, according to a TMZ report. Kanye West’s Malibu residence often made headlines for various notorious reasons. West, who had originally planned to renovate the beachfront home, found himself surrounded by controversy before the plans could take off. Ultimately, he decided to sell the property.
It was initially listed in December 2023 for $53 million (Rs 433 crore approx) —slightly below the $57.3 million (Rs 477 crore approx) he paid in 2021. However, after facing a series of setbacks in selling the place, he sought the assistance of Selling Sunset’s Jason Oppenheim, only to chop $14 million off the original asked price. It was reduced to $39 million in April this year. However, it was eventually sold for a much lower $21 million to Belwood Investment, a California-based real estate crowdfunding firm, as reported by the news outlet.
According to the Los Angeles Times, Belwood’s CEO, Bo Belmont, now plans to invest an additional $6-$8 million to restore the property. This stands completely different from West’s previous plan, which included transforming the stairs into a slide and the floor into trampolines.
Belmont commented on West’s decisions, noting that removing the glazing from the floor was a mistake. He emphasised that the city of Malibu holds all property owners accountable, regardless of their fame. For taking on the new venture, Belmont will collaborate with Marmol Radziner, a design-build firm initially involved in the house’s construction, and hopes to turn a profit for them.
“My goal is to make it as though Kanye was never there. The house will be restored right back to what it was. The changes he made were mostly cosmetic. The biggest gripe is with the removal of the glazing of the floors. That was a really dumb move. Really no purpose,” he told The Times.
The house was originally owned by Richard Sachs– a financier and art collector– before Kayne West bought it in 2021.
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