Kanye West reportedly had innovative plans when he purchased his Malibu beachfront mansion for $57.3 million in 2021. That project, however, never saw the light of day, resulting in the home being abandoned and later put on the market.
The musician and fashion designer has since sold the home, though he had to significantly lower the price. Per TMZ, the beachfront home, designed by renowned Japanese architect Tadao Ando, was finally bought for $21 million by the California-based “real estate crowdfunding firm”, Belwood Investments.
Kanye’s ex-wife Kim Kardashian had filed for divorce from him when he purchased the home. Reports stated that he had initially intended to give the home a facelift by making it a bomb shelter. The My Beautiful Dark Twisted Fantasy rapper ultimately tore the mansion down for the commencement of the new makeover, but the project came to a halt at a certain point.
Kanye then put the home on the market with an initial asking price of $53 million. His inability to get a buyer for the property forced him and his realtor to write off $14 million from the asking price. Belwood Investments ultimately purchased the abandoned property after the 47-year-old lowered the asking price again.
Bo Belmont, who is the CEO of Belwood Investments, said they’ll be investing an additional $5 million to renovate the home, adding that they aim to have the property returned to how Tadao initially designed it, TMZ reported.
Constructed in 2013, the three-story property is situated on a 0.13-acre beachfront, per the New York Post. The four-bedroom home has amenities such as a large, glass pivot door overlooking the beach, a garage, and five bathrooms, city records show.
The facility’s previous owner was Ashley Olsen’s one-time boyfriend Richard Sachs. Before Sachs, the home was owned by voice actor Edie Boddicker and her husband, composer Michael Boddicker.
