Kanye West’s controversial Malibu mansion officially off the market, but at millions worth of loss – Read

Ye’s Malibu Road residence has been in the headlines for all sorts of notorious reasons. The hip-hop figure stripped the beachfront property’s meticulously planned originality down, intending for a major makeover. However, the West dropped the ball on his pad as controversies caught up to him.

Kanye West faces millions worth of loss in his Malibu house sale

Despite his initial plans, the rapper ultimately decided to unload the place from his real estate portfolio. The listing first hit the market in December 2023 for its original $53 million sale price-slightly less than the $57.3 million price tag for which Ye snapped the property in 2021.

As Ye got stuck with the mansion and all his efforts to sale off the place went down the drain, he enlisted Selling Sunset star Jason Oppenheim’s help. In August, the 24844 Malibu Road house entered into escrow after hitting several dead-ends on its road to finding a new buyer. The original $53 million asking price was slashed down to $39 million in April. However, the final price at which Ye ultimately put this residence’s chapter behind him is even significantly lesser.

Who ultimately purchased Kanye West’s Malibu oceanfront house?

The chopped-off pricing dropped to $21 million as California-based “real estate crowdfunding firm” Belwood Investment scooped up the disaster project this week, according to TMZ.

As per the Los Angeles Times, Belwood’s CEO, Bo Belmont, is also ready to pour $6-$8 million into a new renovation plan to restore the Pritzker Prize-winning Japanese architect’s vision. This positively contradicts Ye’s ambitious plans to transform the place which only rendered it uninhabitable.

And Belmont definitely holds it all against the Yeezy boss.

“That was a really dumb move. Really no purpose,” he said of the rapper removing the glazing of the floor. As he revisited some of the “No More Parties in LA” artist’s old plans for the house, including turning the stairs into a slide and the floor into trampolines, among other things, the firm’s CEO added, “It would have required extensive review.”

“There’s a process to it and he does things his own way, and the city of Malibu, they don’t care who you are they’ll hold you accountable.”

For this brand-new passion project, Belmont is all set to join forces with Marmol, Radziner, “a design-build practice based in Los Angeles, initially involved in the house’s build. With 500 investors reportedly on Ye’s Malibu property, investing between $1,000 and $1 million, the Belwood CEO hopes to flip the house for a profit to benefit them.

The Belwood Investments boss was once charged with attempted murder for a pitchfork attack in Napa County. LA Times reports he was later convicted of assault with a deadly weapon, resulting in a three-year prison sentence.