There’s a new future in store for Kanye West’s gutted Malibu spread.
California-based Belwood Investments, a crowdfunding firm that has flipped homes since 2018, is in contract to purchase the residence, according to a report in the Real Deal.
And according to a press release issued in early August announcing the deal, the company says the sale price is in the $21 million range.
West had owned the home since 2021.GC Images
West left the Tadao Ando-designed masterpiece gutted and exposed to the elements.@CelebCandidly / MEGA
The concrete residence — concrete being a signature building material of the architect — faces the Pacific.@CelebCandidly / MEGA
That marks a precipitous decline from the $57.25 million that West, otherwise known as Ye, shelled out for the property in 2021, records show. Designed by the Pritzker Prize-winning architect Tadao Ando, the dwelling originally asked $53 million in January before the rapper slashed the price to a much lower $39 million in April.
A sale in that $21 million region would also make for a roughly 60% discount from the January ask. The transaction has not yet closed, according to property records.
That drastic price cut came after West, now rather infamously, ᵴtriƥped the home — with Ando residences in rare supply, no less — of all of its interior fittings, The Post previously reported. In June, photos and videos in the New Yorker showed all the windows removed and its railings rusted over.
“This is going to be my bomb shelter. This is going to be my Batcave,” West reportedly told a laborer during the destruction process, the outlet reported.
Indeed, following his purchase in 2021, West instructed a demolition crew to remove tubs, light fixtures — as well as all traces of windows, heating and air conditioning, and wiring. That said, as it stands, the structure doesn’t have any HVAC, plumbing or electrical.
In its release, Belwood makes no mention of West’s ownership, but says it plans to invest some $5 million in renovations “to restore the property to its original state.”
The home was built in 2013.APEX / MEGA
Homes designed by Tadao Ando are in rare supply.Diggzy/Jesal/Shutterstock
Ando, who hails from Japan, has long been known for his stunning use of concrete. This residence took 1,200 tons of that — plus 200 tons of steel — to construct.
“Restoration will honor the unique materials and innovative design elements specified by Ando, many of which were imported from around the world,” the release adds. “The renovation process is anticipated to take 12-16 months.”
West’s home had been marketed by the Oppenheim Group’s Jason Oppenheim.
The home spans approximately 4,000 square feet, with four bedrooms and five bathrooms. It was built in 2013 for the financier and art collector Richard Sachs. Boasting ocean views, it stands on 12 caissons driven 60 feet into the bedrock, according to the release.
“Richard Sachs, the original owner, aptly described it: ‘This is not just a house; this is like a Picasso, a cubist painting, very important and very rare,’” the release adds.
