In super rich people news, Kanye West has finally sold his Malibu mansion. The gutted beachfront property had become an infamous so-called project after he stripped it down.
The house has reportedly sold for $21 million. That would be a major loss.
Get this: Belwood Investments, a California-based real estate crowdfunding firm, purchased the mansion, which was initially designed by the renowned architect Tadao Ando.
If you were keeping up with Kanye’s real estate ventures, West originally acquired the property in 2021 for $57.3 million but, as we said, stripped it down to its bare framework, reportedly intending to convert it into a bomb shelter. However, the project stalled, and West eventually listed the home for $53 million, a price that found no takers.
Faced with the difficulty of selling the property, West, alongside his realtor Jason Oppenheim from “Selling Sunset,” slashed the asking price by $14 million. The final sale to Belwood Investments closed at $21 million, significantly below the original purchase price. Yikes.
Big real estate players Jean-Baptiste Rugiero and Mehdi Maamri of The Agency represented Belwood Investments in the deal, which is expected to be finalized on September 3.
It looks like more money will be dumped into it. Belwood’s CEO, Bo Belmont, announced plans to invest an additional $5 million in restoring the mansion to reflect Tadao Ando’s original vision, stating, “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.”
Wonder what’s up with Kanye’s other houses. Doesn’t he have one in Wyoming?