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Kanye West is well known for his love of architecture. Several years ago, he created prototypes for affordable dome homes. Some of those domes ended up on his massive Monster Lake Ranch, an over 4,500-acre spread near Cody, Wyoming. He sold that property earlier this year.
The home that has gotten the most headlines is his beachfront home in Malibu, CA. The house was designed by Tadao Ando, a self-taught Japanese architect with a minimalist approach. Ando, who won architecture’s famed Pritzker Architecture Prize in 1995, shares West’s love of concrete as a building material. The property was built in 2013 for money manager Richard Sachs and was made of concrete poured on-site, reinforced by steel, and supported by massive pylons driven into the beach sand. It was first put on the market in 2020 for $75 million. West paid $57.25 million for the minimalist mansion in 2021.
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Usually, when a new owner buys an architectural treasure, they focus on preserving it. Despite once calling Ando the greatest living architect, West took the opposite approach. The New Yorker detailed how West and his wife Bianca Censori worked with a local contractor to strip out the interior. According to the article, West also met with architect Ron Radziner, whose firm Marmol Radziner worked with Ando during the original build. West consulted Radziner on plans to reimagine the house. However, after delivering an estimate, Radziner didn’t hear from West again, and the property was soon listed for $53 million.
The price was dropped to $39 million in April 2024. Despite its architectural provenance, the small lot size, closeness to neighbors and the fact that the home is far from move-in ready appeared to work against a quick sale. Listing agent Jason Oppenheim, of “Selling Sunset” fame, told the Wall Street Journal that “it will take several million dollars for the house to be finished.”
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Unique homes often need unique buyers, and the property may have found one in the form of Belwood Investment, a real estate crowdfunding firm with offices in Folsom and Newport Beach, California. The company was founded by Bo Belwood, a former mortgage executive whose bio says he has participated in over 1200 real estate transactions. The Belwood website lists a portfolio of completed single-family home investments spanning the country.
Belwood appears to be crowdfunding the purchase and renovation plan for the mansion. Belwood held an Instagram Live a month ago saying he was in contract on the property for $21 million. At that time, Belwood said he’d already received an offer for $24 million, which he declined. Belwood Investments issued a press release saying the company planned to spend $5 million on renovations. Investments start at $1,000 and are open to non-accredited investors. In a YouTube video on August 28, Belwood said his company is 96% funded for the transaction. This isn’t the only celebrity property on Belwood’s plate. TMZ reported that Belwood Investments bought the Hollywood Hills home of the late musician Bill Withers for $3.7 million.
Fix-and-flip investments always carry a high level of risk. That risk increases when the property has a high price tag and a small pool of potential buyers. West’s former home has celebrity and architectural caché, but that may not be enough to make it a guaranteed win for investors participating in this crowdfunding campaign.
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This article How Kanye West’s Gutted Malibu Mansion Became A Crowdfunded Investment originally appeared on Benzinga.com
