Kanye West’s destroyed Malibu estate faces a new future.
California-based Belwood Investments, a crowdfunding company that has been selling homes since 2018, has entered into a contract to purchase the residence, according to a report in The Real Deal.
And according to a press release announcing the deal issued in early August, the company says the sales price is approximately $21 million.
That’s a significant drop from the $57.25 million West, also known as Ye, paid for the property in 2021, records show. The home, designed by Pritzker Prize winner Tadao Ando, was originally listed for $53 million in January before the rapper lowered the price to a much lower $39 million in April.
A sale in the $21 million range would also represent a price reduction of around 60 percent from the January offer. According to real estate records, the transaction has not yet been completed.
The drastic price cut came after West, now infamous, stripped the house – Ando residences are a rarity, after all – of all its interior furnishings, the Post previously reported. In June, photos and videos in The New Yorker showed that all the windows had been removed and the railings were rusted.
“This is going to be my bomb shelter. This is going to be my Batcave,” West told a worker during the demolition, the outlet reported.
In fact, after purchasing it in 2021, West hired a demolition crew to remove bathtubs and light fixtures – as well as all traces of windows, heating, air conditioning and wiring. However, the building currently has no air conditioning, plumbing or electrical systems.
In its press release, Belwood does not mention who owns West, but announces that it will invest approximately five million dollars in renovations “to return the property to its original condition.”
Ando, who hails from Japan, has long been known for his impressive use of concrete, and this residence required 1,200 tons of concrete—plus 200 tons of steel—to build.
“The restoration will utilize Ando’s unique materials and innovative design elements, many of which were imported from around the world,” the press release continues. “The renovation process is expected to take 12 to 16 months.”
West’s home was marketed by Jason Oppenheim of the Oppenheim Group.
The house is about 370 square meters and has four bedrooms and five bathrooms. It was built in 2013 for financier and art collector Richard Sachs. It offers sea views and stands on 12 caissons that were driven 18 meters deep into the rock, the press release said.
“Richard Sachs, the original owner, described it aptly: ‘This is not just a house; it is like a Picasso, a cubist painting, very important and very rare,'” the press release continues.
