The upscale Malibu residence previously owned by Kanye West has hit the market again, now listed at $39 million. The home, which gained notoriety after West undertook extensive remodeling that left it in a state of disrepair, is currently undergoing renovations aimed at restoring its original elegance.

Historic Design by Tadao Ando

Completed in 2013, the property showcases the architectural brilliance of Tadao Ando, a Pritzker Prize-winning architect. Bo Belmont, the current owner, highlighted that significant investment—estimated at millions—will be required to bring the house back to its initial grandeur.

Challenges and Opportunities

Despite the ongoing renovations and the recent devastation caused by the Palisades fire affecting the local community, Belmont remains optimistic. He believes that Malibu’s reputation has endured the challenges posed by the fire and that this particular property has retained its appeal.

Extent of Renovations

Belmont reported that approximately $2 million worth of renovations have already been completed on the concrete structure, returning some aspects to their pre-West condition. Yet, an additional $6.5 million in renovations is still needed to fully restore the home’s original features.

“We conducted our calculations and determined that selling now or after full restoration yields similar returns for us,” Belmont stated, indicating his willingness to sell the property at the right price.

Restoration Efforts

Ron Radziner, the design-build expert who had a hand in the house’s initial construction, is now focused on its restoration. His team is tasked with repouring concrete walls, replacing cabinetry, and reordering doors that were removed.

“It’s obviously disappointing that as much of the home was removed and demolished as it was,” said Radziner, emphasizing the unique architectural elements that were lost in the prior remodeling.

Currently, about 20% of the reconstruction has been finished, with a robust team of around 40 workers on-site daily.

Market Dynamics Post-Fire

Despite its current incomplete state, the property has attracted interest, although offers have so far fallen short of the $39 million asking price. Beverly explained that the recent natural disasters may have inadvertently increased the value of properties like his, particularly those that were unaffected by the fires.

“It’s made of concrete. It’s located on a part of Malibu Road that remained untouched. Therefore, there’s a newfound exclusivity,” he remarked, noting that buyers are eager to escape the pressures of city life.

A Unique Investment Opportunity

Belmont operates a company that enables individuals to invest in properties akin to stock investments, suggesting that selling sooner benefits all stakeholders involved. With 500 investors holding stakes ranging from $1,000 to $1 million in this Malibu project, the urgency to sell at the right time is evident.

Ownership History

Originally commissioned by former financier Richard Sachs, the four-bedroom beachfront estate was purchased by West for $57 million in 2021 and later acquired by Belmont for a mere $21 million. Belmont has openly criticized some of West’s design choices, labeling them imprudent.

Interestingly, Belmont’s personal journey includes a complicated past, as he served three years in prison due to an attack involving a pitchfork. Reflecting on that period, he humorously stated, “I shouldn’t have brought a pitchfork to a fistfight.”

Concluding Thoughts

As the Malibu housing market adjusts post-wildfire, the chance to own this remarkable property, coupled with its architectural significance and unique backstory, presents a rare opportunity for potential buyers.