Kanye West. (Picture by Brad Barket/Getty Photos for Quick Firm)
Kanye West has taken a $36 million loss on his Malibu residence, promoting it for $21 million simply three years after shopping for it.
The rapper, 47, initially bought the oceanfront property for $57.3 million in 2021 earlier than gutting it with plans to utterly overhaul the house.
California-based actual property crowdfunding agency, Belwood Investments, snapped up the house for the slashed worth, The Actual Deal first reported on Thursday, August 22.
“We’re extremely excited concerning the acquisition of this property,” mentioned Belwood founder and proprietor Steven “Bo” Belmont through a press launch.
“This isn’t only a phenomenal actual property funding; it is a chance to revitalize and protect an architectural gem by the famend Tadao Ando, guaranteeing it stays a jewel of Malibu. This acquisition exemplifies Belwood Investments’ dedication to reworking properties with historic and architectural significance whereas delivering distinctive returns for our buyers.”
The corporate has been flipping properties since 2018 and is aiming to lift $5 million to revive the home to its authentic state then resell it for $40 million.
Initially designed by famend Japanese architect Tadao Ando, the home was controversially stripped down by West, who eliminated the home windows, doorways and inside finishes, leaving a concrete shell.
The musician was set on redesigning the home earlier than he modified his thoughts and put the gutted-out residence in the marketplace for $53 million in January.
Kanye West. (Picture by Getty)
Unable to promote at that quantity, West drastically dropped the asking worth inside a couple of months.
West had teamed up with Promoting Sundown star Jason Oppenheim in an try and shift the four-bedroom, five-bathroom property.
“It’s going to take a number of million {dollars} for the home to be completed,” Oppenheim, 47, advised The Wall Road Journal in December 2023, including, “A lot of the architectural integrity and the architectural worth of the home exists.”
The posh residence was inbuilt 2013 by financier Richard Sachs, who offered the property for $75 million in 2020 earlier than West purchased it for $57.3 million a 12 months later.
“Greatest identified for his minimalist buildings and his assured use of strengthened concrete, Ando’s trademark design of ‘smooth-as-silk’ concrete is wholly current within the construction and floor of the house,” reads an outline of the house on The Oppenheim Group’s web site. “Constructed of roughly 1,200 tons of concrete, 200 tons of metal reinforcement and 12 large pylons pushed greater than 60 toes into the sand with AD100 structure agency Marmol Radziner appearing as govt architect and basic contractor, the construction is an eternal beacon of permanence on California’s shoreline.”
