Kanye West’s bad Malibu pad is officially off his back. Sales of the Tadao Andao-designed home closed Thursday morning. The once abandoned house has finally found an owner, but that doesn’t mean its history has strayed any further from the “Stronger” rapper’s controversial roots.
Ye’s Malibu Road home has been in the news for all kinds of infamous reasons. The hip-hop figure stripped the beach property of its carefully planned originality with the intention of a major makeover. However, West dropped the ball on his pads as controversies caught up with him.
Kanye West lost millions in the sale of his Malibu home
Despite his initial plans, the rapper ultimately decided to remove the place from his real estate portfolio. The listing first hit the market in December 2023 for its original $53 million sale price — slightly less than the $57.3 million price tag for which Ye purchased the property in 2021.
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Once they are stuck in the mansion and all their efforts to sell the place go in vain, they enlist the help of Selling Sunset star Jason Oppenheim. In August, the 24844 Malibu Road house entered escrow after overcoming several hurdles along the way to finding a new buyer. The original $53 million asking price was reduced to $39 million in April. However, the ultimate price at which Ye ultimately put this residence chapter behind him is even lower.
Who finally bought Kanye West’s Malibu beach house?
cut price reduced to $21 million According to TMZ, California-based “real estate crowdfunding firm” Bellwood Investments launched the disaster project this week.
Bellwood’s CEO, Bo Belmont, is also set to pour $6-$8 million into a new renovation plan to restore the Pritzker Prize-winning Japanese architect’s vision, according to the Los Angeles Times. This positively contradicts Ye’s ambitious plans to transform a place that has left it simply uninhabitable.
And Belmont certainly holds it all against the Yeezy Boss.
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“That was a really stupid move. There’s really no purpose,” he said of the rapper removing the floor mirror. As he revisited some of the “No More Parties in LA” artist’s old plans for the house, which included turning the stairs into slides and the floors into trampolines, among other things, the firm’s CEO said, “There’s a broader Will need review.”
“There’s a process to it and he does things his way, and the city of Malibu, they don’t care who you are, they’ll hold you accountable.”
For this brand-new passion project, Belmont Marmol is all set to join forces with Radziner, a design-build practice based in Los Angeles, which was initially involved in the construction of the home. With 500 investors reportedly investing between $1,000 and $1 million on Ye’s Malibu estate, the Bellwood CEO hopes to flip the house for a profit.
The boss of Bellwood Investments was once charged with attempted murder for a pitchfork attack in Napa County. He was later convicted of assault with a deadly weapon, resulting in a three-year prison sentence, the LA Times reports.
