Kanye West has sold his architecturally designed Malibu home and he took a huge financial loss in the process.
Kanye West purchased the oceanfront property in 2021 for a substantial $57.3 million, but recently sold it to Belwood Investments for $21 million.
The transaction left the Hip-Hop artist with a shortfall of around $36 million.
Belwood Investments, a crowdfunded firm, didn’t just acquire any house; they bought a piece of architectural art.
“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,” Belwood said in its public statement. “This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
Initially, the 47-year-old rapper planned a complete overhaul of the property.
He gutted the house almost immediately after the purchase, intending to remodel it from scratch.
By January 2024, however, those ambitious plans were abandoned, and West placed the home back on the market with a $53 million asking price. Even at that price, he was expecting to take a loss.
The home remained unsold, prompting him to reduce the price further in April to $39 million.
Despite these efforts, no buyer emerged until the recent sale to Belwood Investments.