The Malibu beach house that Kanye West nearly destroyed has sold for an all-cash offer between $30 and $34 million.
Photo: The Oppenheim Group
The Tadao Ando–designed Malibu beach house that Kayne West, now known as Ye, bought and gutted, has already found a new buyer a little over a week after going on the market. Belwood Investments, the firm led by crowdfunded house-flipping entrepreneur Steven “Bo” Belmont, announced that it has accepted an all-cash bid for the partially renovated home and that the bid is between $30 and $34 million. The buyer was Andrew Mazella Ventures LLC, a developer based in Montana who seems to have gotten his start in concrete-block construction methods (pretty apt for the concrete house he just purchased). Real-estate consultant Dylan Eckardt and agents Amanda Lynn of Nest Seekers and Jason Oppenheim of Oppenheim Group negotiated the deal.
West, who paid $57.25 million for the architectural masterpiece in 2021, famously tore the 4,000-square-foot house apart, leaving a concrete shell without plumbing, electricity, or a roof, as he attempted to turn the home into an off-the-grid bunker. (The local worker who he hired to rip it apart and paint over the interior finishes, including the marble, eventually sued over health problems he allegedly incurred from working 16-hour days and camping out at the gutted property to help keep it safe.)
After purchasing the house for $21 million last September, Belmont set out to restore the property to its pre-Ye state, hiring architecture firm Marmol Radziner, which worked on the original build, to oversee the project. Since then, workers have added a new roof, new plumbing, electrical, and framing to the structure, and Belmont re-listed it earlier this month for $39 million, citing the $1 million a month carrying costs and offers from other developers and builders he’d received in the $28 to $30 million range. He also explained that buying the home before the $8.5 million renovation was finished early next year would mean a significant discount on the $55 to $65 million price he’d be asking next year, and that seems to be the case. Besides better returns for investors with a quick flip (which Belmont estimated as a 20 percent return), he told The Wall Street Journal that he was motivated by the hot Malibu market following the wildfires. Not only are many wealthy buyers seeking temporary and permanent places to live at the moment, but the home’s concrete structure offers natural fireproofing.
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