Kanye West has taken a $36 million loss on his Malibu home, selling it for $21 million just three years after buying it.
The rapper, 47, originally purchased the oceanfront property for $57.3 million in 2021 before gutting it with plans to completely overhaul the home.
California-based real estate crowdfunding firm, Belwood Investments, snapped up the home for the slashed price, The Real Deal first reported on Thursday, August 22.
“We are incredibly excited about the acquisition of this property,” said Belwood founder and owner Steven “Bo” Belmont via a press release.
“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. This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
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The company has been flipping homes since 2018 and is aiming to raise $5 million to restore the house to its original state then resell it for $40 million.
Originally designed by renowned Japanese architect Tadao Ando, the house was controversially stripped down by West, who removed the windows, doors and interior finishes, leaving a concrete shell.
The musician was set on redesigning the house before he changed his mind and put the gutted-out home on the market for $53 million in January.
Unable to sell at that number, West drastically dropped the asking price within a few months.
West had teamed up with Selling Sunset star Jason Oppenheim in an attempt to shift the four-bedroom, five-bathroom property.
“It will take several million dollars for the house to be finished,” Oppenheim, 47, told The Wall Street Journal in December 2023, adding, “Much of the architectural integrity and the architectural value of the house exists.”
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The luxury home was built in 2013 by financier Richard Sachs, who sold the property for $75 million in 2020 before West bought it for $57.3 million a year later.
“Best known for his minimalist structures and his assured use of reinforced concrete, Ando’s trademark design of ‘smooth-as-silk’ concrete is wholly present in the structure and surface of the home,” reads a description of the home on The Oppenheim Group’s website. “Constructed of approximately 1,200 tons of concrete, 200 tons of steel reinforcement and 12 massive pylons driven more than 60 feet into the sand with AD100 architecture firm Marmol Radziner acting as executive architect and general contractor, the structure is an everlasting beacon of permanence on California’s coastline.”
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