Many investors aim to profit from property investments, but Kanye West experienced quite the opposite.
In 2021, the ‘Carnival’ rapper acquired a beach-front mansion in Malibu for over $57.3 million.
The home, designed by architect Tadao Ando, was already luxurious. However, West decided to personalize it by completely gutting the property.
Although he intended to renovate the mansion, these plans never materialized, leaving the property as an unsightly shell.
The 4,000-square-foot mansion had its plumbing and electricity removed, making it practically uninhabitable after the extensive teardown.
Ultimately, West abandoned his renovation plans and chose to sell the property late last year.
Recognizing the condition he left it in, West listed it for approximately $4 million less than his purchase price.
Even this price was optimistic. Jason Oppenheim of Selling Sunset’s Oppenheim Group took on the listing.
The property was described as being constructed with ‘1,200 tons of concrete, 200 tons of steel reinforcement, and 12 massive pylons driven more than 60 feet into the sand’.
It was also labeled as ‘an everlasting beacon of permanence on California’s coastline’.
The mansion was officially listed in January 2024, and several months later, Oppenheim achieved the remarkable feat of selling it.
As anticipated, West did not profit from the sale. Instead, he incurred a loss of around $36 million, selling the property for just $21 million.
Bo Belmont was the buyer, and he has since commented on the ‘dumb’ changes made by the Grammy Award-winning rapper.
Belmont told The LA Times his ultimate ‘goal’ is ‘to make it as though Kanye was never there’.
“The house will be restored right back to what it was,” Belmont added.
He specifically criticized West’s decision to remove the mansion’s glazed flooring.
“That was a really dumb move. Really no purpose,” Belmont insisted.
To restore the home to its original state, Belmont plans to spend between $6 million to $8 million.
He will collaborate with Marmol Radziner, the firm responsible for the initial construction, The LA Times reported.
Belmont’s intention is to flip the property for a profit.