The concrete Malibu mansion abandoned mid-renovation by Kanye West is back on the market with a previous deal now on the rocks.
The Malibu Beach home that Kanye West bought in 2021 for $57.3 million usd/ $79.03 million cad but then gutted, abandoned and sold for $21 million usd/ $28.97 million cad has hit a new snag. The 4,000-square-foot home, designed by renowned architect Tadao Ando, has bounced between several developers and is now back on the market for $34.9 million usd/ $48.14 million cad.
It’s the latest twist in the saga of the oceanfront house, designed by award-winning Japanese architect Tadao Ando, which the rapper purchased in 2021.
West bought the three-story home for $57.3 million—and then immediately gutted it, leaving only a concrete shell with no windows, plumbing or electricity when he dumped the project about two years later.
Note- prices below are in USD, please read intro paragraph above for CAD conversion at time of publication.
The skeletal beach house then sold for $21 million last year to Steven “Bo” Belmont, a developer who returned it to the market within months. He quickly went into contract to sell it to another developer, the Montana-based Andrew Mazzella, for $30 million, both parties confirmed.
The deal with Mazzella, a luxury home developer, was scheduled to close in May but has now stalled, as the shell of a house was back on the market as of Wednesday asking $34.9 million, down from an initial ask in March of $39 million.
According to Belmont, CEO of crowdfunding platform Belwood Investments, the deal is enirely dead, he told Mansion Global on Monday. Belmont cancelled the contract after Mazzella requested a third extension to find financing when the second extension expired on July 31.
Mazzella confirmed that they mutually cancelled the contract earlier this month, but was quoted as saying he’s “not out of the game just yet”, and is “still interested in negotiating a deal for the house”.
Prior to the March deal, Belmont had already begun the $8.5 million process of returning the 4,000-square-foot home to its original design by the Pritzker Prize-winning architect, built in 2013 for financier Richard Sachs, he said. He consulted with Sachs and hired the same design-build firm, Marmol Radziner, who had constructed the house originally.
Belmont plans to sell the building as-is at the new price to recoup the money already invested, or return to the original plan of restoring it and selling the completed house—which he expects to be in even more demand in the wake of the January wildfires.
“Malibu is going to get a full face lift, with fire-retardant concrete homes, and we have the ultimate high-end concrete home. A tsunami can’t take it out. A fire can’t take it out,” Belmont said. “And it’s the only Ando for sale.”
The listing is with Jason Oppenheim of the Oppenheim Group and Mauricio Umansky of the Agency, who have been representing the seller from the start. Oppenheim previously repped Kanye in the sale to Belmont, as well. Neither immediately responded to a request for comment.
Realtor.com first reported the home’s return to the market.
Mazzella had also planned to complete the reno of the house and list it closer to Kanye’s original purchase price. “It’s a very complicated construction project,” he said.
Who knew? The relationship between Kanye West and architecture – nss magazine
Mazzella is working on restoring another Los Angeles mansion and plans to keep looking for opportunities if the deal for this one does fall through. “I consider my business style to be that of Trump, Musk and Carl Icahn combined so it’s not an easy process,” he said.
For the Silo, Liz Lucking/ Mansion Global, Jarrod Barker.
