K
anye West gutted his Malibu mansion in a bid to create a doomsday bunker, and the once‑glorious home has since suffered a string of misfortunes. The property, now owned by Belwood Investments, is under foreclosure. According to Realtor.com, Belwood reportedly owes the lender more than $814,000 in missed payments on an $18.5 million mortgage as of early November. The firm plans to convert the damaged house into a timeshare‑style venture, leveraging cryptocurrency investments.
West sold the Tadao Ando‑designed residence to Belwood in September 2024 for $21 million—far below the $57.3 million he paid in 2021. By the end of 2022, West had abandoned the 4,000‑sq‑ft home, leaving it exposed to the elements. He attempted to resell it in early 2024 for $53 million but ultimately accepted $35 million less. Belwood originally intended to restore the modernist gem, but repeated failed listings and a stalled sale have left the property’s future uncertain.
The lender, Quality Loan Service Corp., issued a default notice in early November, citing roughly $814,623 in overdue payments. Belmont, the real‑estate crowdfunding founder, has 90 days to cure the default or face foreclosure, per Realtor.com. He told The Post that a resolution is imminent and reiterated the goal of renovating and selling the home. Belmont has also launched Populis, a private membership program offering investment opportunities in architecturally significant real estate. Members can purchase SmartDeeds—blockchain‑secured passes—to stake in Little Ando, with tiers ranging from $1,000 to $300,000. The program promises guided tours, architecture briefings, and networking events, but a looming foreclosure could halt its progress.
SmartDeeds estimates the renovation will take 12–14 months, projecting an after‑repair value of $57.5 million. Belwood had relisted the half‑restored property for $39 million in March, hoping to secure an early profit for investors. The firm has already spent millions on repairs, including new plumbing, electrical work, roof replacement, framing, and German glass windows. A deal with developer Andrew Mazzella’s investor group fell through this summer amid accusations from both sides—Belmont claimed Mazzella was unqualified and unable to secure financing, while Mazzella alleged Belmont misrepresented restoration costs.
Tadao Ando’s U.S. residences are rare; the larger “Big Ando” was purchased by Jay‑Z and Beyoncé in 2023 for a record $200 million. The Malibu home, once a symbol of architectural prestige, now sits gutted and vacant, its future hanging in the balance as foreclosure looms.
