B
elwood Investments' Steven "Bo" Belmont sees opportunity in Kanye West's former Malibu house, a 4,000-square-foot Tadao Ando-designed property that was stripped bare by the rapper. Despite its current state, the foundation remains intact and the beach is still just steps away. Belwood plans to restore the home with the help of Marmol Radziner, a design firm involved in the original construction.

    Belmont's company bought the property at a 60% discount from its January listing price, marking their largest single-family residential project to date. The high-profile transaction highlights Belwood's unique business model, which uses a fractionalized investing platform to pool investors and finance fix-up projects. In this case, over 500 investors contributed to the acquisition financing.

    Belmont explained that individual investors act as private lenders on a property, earning returns once it's sold. They also have some input in decision-making through an app, with upcoming features including voting capabilities for finishes like paint colors or concrete textures. Belwood expects to spend $6-8 million on renovations, which will take 12-16 months.

    This project is part of Belwood's expanding Los Angeles market buys, including properties in the Hollywood Hills and Beverly Hills. Belmont aims to buy properties across various price points, from $30,000 to $30 million, focusing on sustainable markets like Coastal California, Florida, and New York.

    Belmont's strategy involves ensuring properties have good foundational elements for quick sales and rentability as a safety net during market shifts. This approach has remained intact since Belwood's start, with the company now eyeing commercial projects, including a golf course in Santa Rosa and an RV park in Calistoga. Belmont is also considering Downtown Los Angeles' office market, where he'd like to take on a high-profile project like Oceanwide Plaza.