A California property startup has initiated the purchase of Kanye West’s former Malibu home, a stunning residence designed by renowned architect Tadao Ando. This architectural gem was originally purchased by West in 2021 for $57.3 million.
Details of the purchase
According to reports, real estate crowdfunding firm Belwood Investments has made a deal to acquire the property for under $22 million. The home was previously owned by bicycle frame builder Richard Sachs, who bought it in 2013. The acquisition is set to close on Sept. 3, and Belwood’s CEO, Bo Belmont, has announced plans to invest $5 million into renovations.
Preserving an architectural gem
Belmont emphasized the importance of revitalizing the property, stating that it is an architectural gem created by Tadao Ando. This commitment to restoration highlights the significance of the home within the architectural community.
Changes made by Kanye West
The final design of the home is expected to differ significantly from West’s original vision. In 2022, the rapper made controversial alterations, stripping the property of its interior features and planning to convert it into a bomb shelter. Reports indicate that contractor Tony Saxon was instructed to remove essential spaces, such as the kitchen and bathroom, and even convert the staircase into a foam slide.
Market value and renovation timeline
Originally valued at $75 million upon construction, West listed the home for $53 million before reducing the asking price to $39 million earlier this spring. The renovation process is anticipated to last between 12 to 16 months, aiming to restore the property to its former glory while respecting its architectural integrity.
The transition of Kanye West’s Malibu home to new ownership marks a significant moment in real estate and architecture. With a focus on preservation and renovation, the future of this iconic property looks promising.
