A beachfront mansion once owned by rapper Kanye West is back on the market for $39 million— months after a real estate investor pledged to restore the property, which West gutted and abandoned.
West, 47, purchased the Tadao Ando-designed home in 2021 for $57.25 million but stripped it down to its concrete frame, reportedly intending to transform it into a modernist bomb shelter.
Interestingly, Ye’s former mentor Jay-Z and Beyonce, who found themselves recently targeted by an outrageous Ye rant on social media, also own a Ando-designed home. Beyoncé and Jay-Z purchased a $200 million, 40,000-square-foot Malibu mansion in 2023, designed by the Japanese architect, making it the most expensive home ever sold in California.
Mansion Back On The Market
West listed his unfinished structure for $53 million in early 2024 before selling it to Steve “Bo” Belmont, CEO of Belwood Investments, for $21 million.
At the time, Belmont announced plans to invest $5 million to restore the home, calling it “an opportunity to revitalize and preserve an architectural gem.” However, the property has now been relisted with its interiors still unfinished. The listing notes that “all interior finishes have been removed” and that additional work is required to restore or reimagine the space.
Belmont told The Wall Street Journal that he will continue restoration efforts while entertaining offers. If no suitable buyer emerges, he intends to complete the renovations and relist the home for between $55 million and $65 million, with an estimated completion date in early 2026.
In January, the mansion withstood the devastating wildfires that ravaged residential enclaves.
Belmont, who has already installed new plumbing, electrical systems, and roofing, attributed the home’s rising value to limited real estate inventory following California wildfires. He has teamed up with celebrity real estate agent Jason Oppenheim, who also was involved in the sale to Belmont, to market the listing.
“This house is like a Picasso,” Oppenheim told the Journal. “This is almost like allowing the buyer to pick the frame.”
Known for acquiring, renovating, and reselling luxury estates, Belmont has handled multimillion-dollar deals. His company focuses on adding value to distressed or unfinished properties, often working with top architects and designers to maximize returns. Despite receiving offers as high as $30 million, Belmont said he remains firm on his asking price, citing ongoing demand. The carrying costs for the home, he added, amount to about $1 million per month.
Originally built in 2013 by financier Richard Sachs, the 4,000-square-foot home is supported by 12 massive caissons drilled into the Malibu sand. Belmont previously said he was collaborating with architecture firm Marmol Radziner, which worked on the home’s initial construction, to restore Ando’s vision.
His company, Belwood Investments, specializes in luxury real estate flips, and the former West-owned home was its most expensive acquisition to date. Initially, Belmont aimed for a 100% return on investment, but the new listing suggests a shift in strategy.
West, now known as Ye, faced criticism from architects and preservationists for stripping the home of its defining features, leaving it exposed to the elements before offloading it at a steep loss.
The home’s future now hinges on whether a buyer steps in to complete the restoration — or whether Belmont follows through on his original plan to finish the project himself.
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