K
anye West's Malibu mansion saga has finally come to a close, but there's still a pending lawsuit. If you're not up to date on West's real-estate portfolio or didn't finish reading the 10,000-word New Yorker article about the situation, here's a quick recap:
In 2021, West purchased a Tadao Ando-designed home in Malibu for $57.3 million. Ando is a world-renowned architect, and a home designed by him is considered as much of an art piece as it is a place to live. However, West started gutting the house without obtaining any permits. He never finished the project, and in December of last year, he listed the concrete shell of the mansion for $53 million. The house had been stripped of its windows, doors, plumbing, and electrical system, and had been exposed to the elements for years. This made it unappealing to buyers who were willing to spend tens of millions on Malibu beach homes, so the price dropped to $39 million in April.
In a surprising twist, West's house was listed by the Oppenheim Group of Selling Sunset fame. Jason Oppenheim, the more camera-friendly twin, was handling the sale, likely between mediating personal conflicts among his employees. In a New Yorker article about the house, Oppenheim didn't rule out the possibility of the house appearing on Netflix's reality show — exciting!
On the Oppenheim Group website, the company used pre-West photos of the house and clever copywriting to pretend like they weren't trying to sell a nearly destroyed house. While they claimed that "work is needed to either restore or reimagine the interiors," they described this "architectural tour de force" as "an exceedingly rare" achievement that should be seen "as a masterful work of art, rather than just a residence." It's a shame they didn't use this light touch when trying to sell that $75 million house.
Despite the slick real-estate lingo, the fact remains that the house would need a complete overhaul. TMZ reports that the property was finally purchased for $21 million by Belwood Investments, a "real estate crowdsourcing firm" that allows regular people to invest in real-estate flips without having to pay for the entire project. In a statement, Belwood CEO Bo Belmont said they plan to restore the house completely. "This is not just a phenomenal real-estate investment," he said. "It is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu." The whole situation seems cursed to me, but I wish them the best of luck!
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