Kanye West recently sold his Malibu home for $21 million, taking a $36 million loss just three years after purchasing it for $57.3 million in 2021. The house was originally designed by Japanese architect Tadao Ando and West had plans to completely overhaul the property. Belwood Investments, a real estate firm, acquired the property for the reduced price and plans to revitalize it to its original state. The company, which has been flipping homes since 2018, aims to raise $5 million for the restoration and resale of the property for $40 million.
West controversially stripped down the house, removing windows, doors, and interior finishes, leaving a concrete shell. Despite making changes to the home, he decided to sell it for $53 million in January which he later reduced after unsuccessful attempts to sell it. West collaborated with Selling Sunset star Jason Oppenheim to market the four-bedroom, five-bathroom property. It is estimated that several million dollars will be needed to complete the house, but much of the architectural integrity and value of the home still remains.
The luxury home was built in 2013 by financier Richard Sachs and later sold to West for $57.3 million in 2021. The house is described as a minimalist structure with reinforced concrete and a design that showcases Ando’s trademark style. It is made of 1,200 tons of concrete, 200 tons of steel reinforcement, and built on massive pylons driven deep into the sand. The structure is an iconic beacon of permanence along California’s coastline, with AD100 architecture firm Marmol Radziner acting as the executive architect and general contractor.
Belwood Investments sees the acquisition of the property as an opportunity to revitalize and preserve an architectural gem by Tadao Ando, ensuring that it remains a valued asset in Malibu. The company is committed to transforming properties with historical and architectural significance while delivering exceptional returns for investors. By raising funds to restore the house to its original state, Belwood Investments plans to enhance the property’s value and sell it for a higher price, aiming for a resale value of $40 million. The acquisition exemplifies the firm’s dedication to investing in unique real estate opportunities and leveraging them for profit.
