MILAN, ITALY - FEBRUARY 23: Kanye West and Bianca Censori attends the Marni fashion show during the Milan Fashion Week Womenswear Fall/Winter 2024-2025 on February 23, 2024 in Milan, Italy. (Photo by Arnold Jerocki/Getty Images)
Belwood Investments CEO Bo Belmont, who bought rapper Kanye West‘s Malibu mansion, called the rapper’s renovations “really dumb.”
In December 2023, West put his mansion, designed by famed architect Tadao Ando in 2013, on the market for $53 million.
The price was $4.3 million less than when he bought it from bicycle designer Richard Sachs in 2021, mainly due to a “gut renovation” he ordered. After buying it, West stripped the house of all its fixtures and furnishings, including removing the windows and doors.
In 2022, he enlisted contractors to commence massive renovations. Despite this, construction quickly stopped within a year, leaving areas of the structure exposed to the elements.
Reports suggest West and his contractors have not been seen at the property since.
West allegedly threatened the former construction manager, suggesting that he would be considered “an enemy if he did not comply,” according to the court filing.
The mansion needed to be finished with HVAC, interior finishes, doors, windows, and utilities, requiring nearly several million dollars of renovations.
West decreased the asking price in April to $39 million due to problems finding a buyer for the gutted house.
According to an interview with The New Yorker in June, West told a laborer during the demolition that he envisioned the stripped-down property as his own personal “bomb shelter” and “Batcave.”
It was reported in July that the mansion was purchased, but the owner and the price remained unknown until late August.
In late September, Belmont bought the residence from West for $21 million, millions less than the asking price.
“We are incredibly excited about the acquisition of this property,” he stated in a press release.
“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,” he added. “This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.”
The Belwood Investments CEO told the Los Angeles Times that the rapper’s choice to remove the floors’ glazed finish “was a really dumb move” that served “no purpose.”
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