Kanye West’s Former Malibu Residence Back on Market with Renovation Plans
Just six months prior, Steven “Bo” Belmont celebrated the acquisition of a remarkable Malibu property designed by renowned architect Tadao Ando. The home, previously owned by music star Kanye West, was purchased at a competitive price of $21 million. Belmont, who leads Belwood Investments, a California-based real estate crowdfunding firm, had ambitious plans to invest at least $5 million to restore the property and eventually list it for around $40 million.
Belmont emphasized the significance of this investment, stating, “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.” His objective is to enhance properties that carry historical and architectural weight while maximizing returns for investors.
Despite these aspirations, Belmont is now reintroducing the property to the market much sooner than planned, with a price tag of $39 million. The listing is handled by agents Jason Oppenheim from The Oppenheim Group and Mauricio Umansky from The Agency.
Property Overview
Originally purchased by West for a striking $57.3 million in 2021, the residence had undergone significant alterations before Belmont’s acquisition. In a controversial decision, West stripped the house of its internal structures, including windows and doors, and later relisted it for $53 million without completing the renovations. Following an extended period on the market, it ultimately sold to Belmont for $21 million, representing a substantial decrease from West’s initial investment.
This distinctive brutalist structure, completed in 2013, was crafted from 1,200 tons of concrete and 200 tons of reinforced steel, in collaboration with the architectural firm Marmol Radziner. The house features four bedrooms and five bathrooms across approximately 4,000 square feet, complemented by 1,500 square feet of outdoor deck space that offers breathtaking ocean views.
Current Renovation Progress
At the time of Belmont’s purchase, the property was devoid of plumbing, electrical systems, and interior finishes. However, renovations have progressed significantly; Belmont has successfully completed the framing and installed new plumbing and electrical systems. The roof has also been redone, and he is presently awaiting glass for the windows from Germany. Belmont has committed to continuing construction until he receives a satisfactory offer.
Should a favorable offer not come soon, he plans to list the property at a price between $55 million and $65 million, anticipating completion by early 2026. Following this announcement, Belmont received various unsolicited offers, including one from a Montana developer at $30 million, which he deemed too low.
Investment Potential
A broker’s price opinion report prepared during the purchase suggested that the property’s market value could exceed $50 million once fully restored. In comparison, renovated properties in this prestigious area typically command prices around $20 million. Additionally, the rarity of Ando’s U.S. designs adds to the home’s allure, as the architect is increasingly seen as a favorite among affluent buyers.
Notably, the luxury market has seen significant transactions featuring Ando’s work. In 2023, Jay-Z and Beyoncé acquired a larger Ando-designed estate in Malibu for $190 million, marking one of the highest-priced home sales in California history. Furthermore, Kim Kardashian is developing a vacation home designed by Ando near Palm Springs, demonstrating the continued desirability of his architectural style.
Following the sale of his Malibu property, West acquired a Richard Landry-designed mansion in Beverly Park for $35 million and has seen his former estate in Calabasas fall into disrepair.