Buyer of Kanye West’s Gutted Malibu Mansion Revealed—as Rapper Takes Staggering $36 Million Loss on the Property

The buyer of Kanye West‘s gutted Malibu, CA, mansion has finally been revealed as “real estate crowdfunding firm” Belwood Investments—weeks after it was first reported that the derelict property had gone under contract.

Rapper West, 47, who has an estimated net worth of $400 million, according to Forbes, purchased the iconic home in 2021 for a whopping $57.25 million. He then proceeded to fully gut the property, which was originally designed by Pritzker Prize-winning architect Tadao Ando, reportedly in the hopes of turning it into a modernist bomb shelter.

However, the musician abandoned his plans shortly after tearing the home apart, leaving it empty and exposed to the elements. The rundown state of the property raised furious backlash from architecture lovers.

Despite its dilapidated condition, West listed the property for an eye-watering $53 million in January 2024, enlisting celebrity agent and “Selling Sunset” star Jason Oppenheim to help him offload the home.

Perhaps unsurprisingly given its less-than-livable state, the concrete mansion failed to attract a buyer, and in April, the price was cut to $39 million.

Three months later, the listing was updated to indicate that a sale was pending—and now, the identity of the buyer has been revealed, as well as the painfully large loss West took on the property.

Belwood Investments, a real estate investment company based in California, reportedly paid around $21 million for the home, according to TMZ, which reported that the firm is set to close on the property on Sept. 3.

In a press release obtained by the outlet, Belwood CEO Bo Belmont announced plans to invest a further $5 million to restore Ando’s original work.

“This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu,” Belmont said.

Restoring the home to its pristine, modernist state will certainly not be easy.

The most recent images of the property reveal that West’s unfinished “renovation” has left it as little more than a bare concrete structure, with the floor-to-ceiling windows ripped out, rooms completely gutted, and even plumbing and electricity removed.

“Currently all interior finishes have been removed from the property, and work is needed to either restore or reimagine the interiors,” the listing states.

It is unclear whether Ando will be involved in the renovation and refurbishment of the property. However, the listing notes that, while the interior of the property has been ripped out, the structure maintains the architect’s signature style and vision.

“Best known for his minimalist structures and his assured use of reinforced concrete, Ando’s trademark design of smooth-as-silk concrete is wholly present in the structure and surface of the home,” it states.

“Constructed of approximately 1, 200 tons of concrete, 200 tons of steel reinforcement, and 12 massive pylons driven more than 60 feet into the sand … the structure is an everlasting beacon of permanence on California’s coastline.”