Kanye West’s destroyed Malibu property has attracted a new buyer. Belwood Investments, a crowdfunding company known for revitalizing damaged homes since 2018, has expressed interest in acquiring the remnants of West’s once-luxurious residence. As per a report in Real Deal, the California-based firm is in the process of purchasing the property. The home, which West deliberately demolished and left exposed to the elements, has seen a significant drop in value.
According to a press release by Belwood Investments earlier this month, the home is priced in the $21 million range. This represents a considerable decline from the original purchase price. Kanye West, who acquired the property in 2021 for a staggering $57.25 million, initially listed it for $53 million in January before reducing the price to $39 million in April. The current deal, which is expected to close at the $21 million mark, reflects a 60% discount from the initial asking price.
The substantial price cut follows a report by the New Yorker that featured images and videos of the property’s deteriorating condition, including rusted windows and railings. West reportedly told a worker, “This is going to be my bomb shelter. This is going to be my Batcave.” Subsequently, Ye instructed a complete demolition of the house shortly after purchasing it in 2021, removing all fixtures, windows, HVAC, plumbing, and electrical systems.
Belwood Investments has announced plans to invest $5 million to restore the house to its former glory. As reported by the New York Post, the renovation will honor the unique materials and innovative design elements specified by the home’s original designer, Tadao Ando, a Pritzker Prize-winning Japanese architect renowned for his use of concrete. The property, built with 1200 tons of concrete and 200 tons of steel, will undergo a 12-16 month renovation process to restore its original state.
The house, marketed by Jason Oppenheim of the Oppenheim Group, spans 4,000 square feet and includes four bedrooms and five bathrooms. Originally constructed in 2013 for financier and art collector Richard Sachs, the residence boasts a stunning view of the Pacific Ocean. Sachs described the home as “not just a house; this is like a Picasso, a cubist painting, very important and very rare.”
