A California property startup has begun the process of purchasing Kanye West’s former Malibu home.
According to TMZ, the Tadao Ando-designed residence, which the “Carnival” rapper purchased in 2021 for $57.3 million, was approached with a purchasing deal by “real estate crowdfunding firm” Belwood Investments. As the home was previously bought by bicycle framebuilder Richard Sachs in 2013, Belwood, who made a deal for under $22 million, looks to restore the property to honor Ando.
With the deal on the home closing on September 3, the company’s CEO, Bo Belmont, reportedly plans to invest $5 million into renovations. “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,” he said in a press statement.
The home’s final design will likely differ from the intention that West had for it. In 2022, the rapper-producer stripped the property, exposing the interior, and planned to transform it into a bomb shelter. West’s decisions to alter the home didn’t come without some controversy; as a contractor, Tony Saxon, was allegedly asked to remove essential spaces like the kitchen and bathroom, along with converting the staircase into a foam slide.
The home was worth $75 million upon its original construction and West listed the project for $53 million before slashing the asking price to $39 million over the spring. Renovations are scheduled to last for 12 to 16 months.
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