After getting a $36 million discount on the gutted spread, the buyers plan to spend $5 million to return the oceanfront home to its original state.
. Shortly afterward, the music mogul-turned-Yeezy fashion designer controversially gutted the residence in preparation for a redesign, ripping out all the windows, doors, and interior finishes before changing his mind and flipping the vacant and uninhabitable concrete shell back on the market this past January at a steep . Alas, there were no takers, and within a few months the price had been slashed all the way down to $39 million.
“We are incredibly excited about the acquisition of this property,” said Belwood founder and owner Steven “Bo” Belmont via a. “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.
A broker price opinion report prepared for Belwood by Rugiero estimates the property’s final value once restored will top $50 million, while other brand-new or freshly rehabbed homes along this same stretch of sand typically go for around $20 million. However, the Brutalist structure is one of only a handful of U.S.
West, who remains a successful record producer and one of the best-selling musicians of all time, seems to be shifting away from real estate ownership. His other L.A.
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