Kanye West just can’t catch a break when it comes to that infamous Malibu beach house he completely destroyed.
The concrete shell that used to be a $57 million architectural masterpiece is now being pitched as a members-only timeshare – if the guy who bought it from Ye might lose it to foreclosure. Steven “Bo” Belmont, the developer who scooped up West’s gutted disaster for $21 million back in September 2024, has been scrambling to make something work with this property ever since.
First, he tried flipping it for $39 million, then dropped it to $34.9 million when nobody bit.
According to Realtor.com, Belmont is going full Silicon Valley startup mode with something called “Populis” – basically turning the place into a luxury real estate timeshare where rich folks can buy “memberships” to get a piece of the action.
You can drop anywhere from $1,000 for a basic “gold” membership to $300,000 for the “Founders Circle” package. That top-tier membership gets you chef dinners, concierge service, and four private estate sessions a year where you can bring up to 12 guests.
But Belmont’s got bigger problems than figuring out his membership tiers.
Quality Loan Service Corp just hit him with a notice of default, claiming he owes $814,623.54 on his $18.5 million mortgage as of November 4. He’s got 90 days to catch up or risk losing the whole thing to foreclosure.
Kanye West originally bought this place in 2021 for $57.3 million, right after his split from Kim Kardashian. The Tadao Ando-designed masterpiece was supposed to be his creative sanctuary, but Ye turned it into his personal demolition project.
The rap star ripped out everything – plumbing, electrical, windows, interior finishes – basically turning a work of art into a concrete bunker. When West finally gave up on his apocalypse-shelter dreams and listed it in January 2024, he had to settle for the $21 million from Belmont. That’s a $36 million loss.
In 2025, West started liquidating properties left. He sold his Wyoming ranch back to the original owners for $14 million after letting it fall apart, and he’s behind on property taxes for his childhood home in Chicago.
Reports say he’s “desperate for money” and others claim he will be bankrupt by the end of 2026.