Kanye West has finally offloaded his gutted Malibu home for $21 million, taking a staggering $36 million loss from his original $57.3 million cash purchase in 2021. Shortly after buying the oceanfront house, designed by Tadao Ando, West controversially stripped it of windows, doors, and interiors, then left it exposed to the elements for nearly three years before listing it unsuccessfully for $53 million and later slashing the price to $39 million.

The buyer is Belwood Investments, a California real estate crowdfunding firm planning to spend at least $5 million to restore the concrete-and-steel structure to its original form within 12 to 16 months, with a target resale price around $40 million. Founder Steven “Bo” Belmont said in a press release that the firm aims to “revitalize and preserve” the rare Ando-designed property.

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Originally completed in 2013 for financier Richard Sachs with help from Marmol Radziner, the 4,000-square-foot Brutalist home featured four bedrooms, five baths, and about 1,500 square feet of ocean-facing decks. Currently, it remains a concrete shell, lacking plumbing, HVAC, and interiors. A broker report prepared for Belwood estimates that, once restored, the home’s value could top $50 million, particularly given Ando’s growing reputation as “Hollywood’s favorite starchitect.”

Interest in Ando’s work among the ultra-wealthy has soared, with Jay-Z and Beyoncé purchasing a Malibu Ando property for $190 million in 2023, and Kim Kardashian planning an extravagant Ando-designed retreat near Palm Springs. Meanwhile, West’s other real estate holdings, including his abandoned Calabasas property once tied to Donda Academy, have fallen into disrepair, and he now often resides in luxury hotels like Chateau Marmont and Nobu Ryokan.