Kanye West is ready to “Runaway” from his disaster project in Malibu … the gutted mansion now belongs to a new owner, who got a pretty solid deal for the rare property.
Belwood Investments, a “real estate crowdfunding firm” based in California, has scooped up the controversial estate for around $21 million … the company stated in a press release.
Ye notably nabbed the Tadao Ando-designed home for $57.3 million in 2021 … and then infamously stripped the manse down to its bare bones — reportedly to transform it into a bomb shelter.
But, the rapper seemingly got sick of the project and listed the home for the whopping price tag of $53 million.
Unfortunately for Ye, no one was eager to take on the stripped-down abode at that hefty price point … prompting the hitmaker and his realtor, “Selling Sunset” star Jason Oppenheim, to cut $14 million from the OG asking price.
Looks like Ye’s camp was eventually able to find a buyer … but needed to slash the price again, making it quite a deal for Belwood.
Jean-Baptiste Rugiero and Mehdi Maamri from The Agency represented Belwood Investment in the deal, which we are told is closing on September 3.
The company’s CEO, Bo Belmont, already has big plans for the mansion … announcing an additional $5 million investment into the property in an attempt to restore it to the legendary Japanese architect’s vision.
Belmont noted … “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.”
Here’s hoping $5M will do the trick … because it’s giving money pit, TBH.
Kanye West’s infamous disaster project in Malibu has finally found a new owner in Belwood Investments, who snagged the stripped-down mansion for a bargain price of $21 million. Originally purchased by Ye for $57.3 million in 2021, the Tadao Ando-designed home was gutted by the rapper in an attempt to transform it into a bomb shelter. After failing to attract buyers at the eye-watering price of $53 million, Ye was forced to reduce the asking price by $14 million with the help of realtor Jason Oppenheim.The deal was facilitated by Jean-Baptiste Rugiero and Mehdi Maamri from The Agency, representing Belwood Investments in the purchase. The company, led by CEO Bo Belmont, has ambitious plans to invest an additional $5 million into the property to restore it to its former glory and preserve Ando’s architectural masterpiece. Belmont expressed excitement about the opportunity to revitalize the home and ensure that it remains a standout in Malibu’s landscape.With the closing date set for September 3, all eyes are on Belwood Investments as they embark on the journey to revive the once-grand mansion. The $5 million investment signals a commitment to honoring Ando’s vision and securing the property’s future as a cherished gem in the Malibu community. Stay tuned for more updates on this exciting real estate project and other informative content from us.
After a tumultuous journey that saw Kanye West’s Malibu project go from a multi-million dollar purchase to a bargain sale, Belwood Investments has stepped in to breathe new life into the stripped-down mansion. The $21 million acquisition marks the beginning of a new chapter for the property, which was once envisioned as a bomb shelter by the rapper.With plans to invest an additional $5 million into the restoration effort, Belwood Investments is determined to restore the home to its former glory and uphold the legacy of architect Tadao Ando. CEO Bo Belmont’s vision for the property goes beyond mere real estate investment, as he aims to preserve the architectural gem for future generations to appreciate.The involvement of Jean-Baptiste Rugiero and Mehdi Maamri from The Agency in facilitating the deal underscores the significance of this transaction. As September 3 approaches, all stakeholders are eager to witness the transformation of the mansion and see Belmont’s vision come to fruition.Stay tuned for more updates on this revitalization project and other insightful content from our team. Your support and interest in our work motivate us to continue sharing valuable information with you. Don’t miss out on the latest developments in the world of real estate and beyond by following us for more updates. Sharing is caring, and we’re grateful for your continued engagement with our platform. Thank you for being a part of our community.
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Source: Tampa Bay Times
