Kanye West’s destroyed home in Malibu finally has an interested buyer. A crowdfunding firm called Belwood Investments has been turning around destroyed homes since 2018 and has shown interest in West’s gutted house. According to the report in Real Deal, the California-based firm is in contract to purchase that home. West destroyed the home and left it exposed to the elements.
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West’s house ranges from $21 million
According to the press release released by the company early in August, the price range of the house falls somewhere in the $21 million range. The price range marks a significant decline from the amount the home was purchased for. West owned the house since 2021 and paid a whopping $57.25 million as per the record. The original estate price was $53 million in January, but the rapper lowered the prices to $39 million in April. The deal which is yet to be closed at $21 million mark accounts for a discount of 60% on the price initially asked.
The discount comes after the New Yorker displayed pictures and videos of West’s decaying house including rusted windows and railings of the house. According to the media outlet West told a labourer, “This is going to be my bomb shelter. This is going to be my Batcave.”
This was followed by Kanye now known as Ye instructing a complete demolition of the house after he purchased it in 2021. He instructed the crew to remove tubs, light fixtures, all traces of windows, heating and air conditioning, and wiring. The house currently has no HVAC, plumbing or electrical.
Belwood in their release mentioned investing $5 million to renovate the house and “to restore the property to its original state,” as reported by the New York Post.
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A rare Ando residence
The residence is designed by Pritzker Prize-winning architect Tadao Ando, a Japanese architect known for his work using concrete. West’s house is also made out of 1200 tons of concrete and 200 tons of steel. The release read, “Restoration will honour the unique materials and innovative design elements specified by Ando, many of which were imported from around the world. The renovation process is anticipated to take 12-16 months.”
The house was marketed by Oppenheim Group’s Jason Oppenheim and stretches across 4,000 square feet. Ando’s creation comprises four bedrooms and five bathrooms. It was originally built for financier and art collector Richard Sachs in 2013 with a Pacific view. The release mentioned, “Richard Sachs, the original owner, aptly described it: ‘This is not just a house; this is like a Picasso, a cubist painting, very important and very rare.’”
