Kanye West has finally sold his Malibu mansion, a property he once envisioned transforming into a bomb shelter. The sale, however, comes with a significant financial loss for the music and fashion mogul.
West purchased the home in 2021 for a staggering $57.3 million, but it has been sold for just $21 million, nearly $40 million less than what he originally paid.
The Ty Dolla $ign collaborator, known for his unique and often controversial tastes, gutted the mansion shortly after acquiring it. His ambitious renovation plans reportedly included stripping the house of its modern amenities, intending to create a minimalist, bunker-like retreat. However, the project was eventually abandoned, leaving the property in a state far removed from its original design by the renowned architect Tadao Ando.
In late 2022, West put the mansion on the market for $53 million but struggled to attract buyers. After several price cuts, the California-based real estate crowdfunding firm Belwood Investments purchased the home for $21 million earlier this month. The sale is expected to close on September 3, marking the end of West’s brief and costly ownership.
Belwood Investments, led by CEO Bo Belmont, has plans to invest an additional $5 million to restore the mansion to its former glory. The firm aims to preserve Ando’s architectural vision, which originally highlighted the property’s striking concrete structure and views of the Pacific Ocean.
