Kanye West, who now goes by Ye, has officially sold his gutted Malibu oceanfront mansion for $21 million---and the buyer is not a fan of his alterations to the property.
The sale of Ye's Tadao Ando-designed home closed Thursday morning, with the buyer being identified as Bo Belmont of real estate investment company Belwood Investments. The mansion was sold for $21 million, marking a $36 million loss for Ye, who bought the property for $57.25 million in 2021.
"We are incredibly excited about the acquisition of this property," Belmont said in a press release.
"This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring it remains a jewel of Malibu," he added.
'Dumb' Alterations
Following the deal's closing, Belmont has said he does not like the changes Ye made to the home.
The rapper stripped the house bare after purchasing it in 2021. His changes included taking out the windows and doors. He also stripped the home of its electric and plumbing systems. Furthermore, Ye had contractors remove the floors' glazing.
Other design plans never came to fruition, including transforming the stairs into a slide and the floors into a trampoline. These were part of an effort to turn the property into a bomb shelter.
The house's structure was not damaged. However, it left the 4,000-square-foot structure bare. The mansion features four bedrooms and five baths with open spaces and sweeping ocean views.
Plans To Restore the Property
Speaking to the Los Angeles Times, Belmont called Ye's alterations to the property "really dumb" and vowed to spend $6 million to $8 million to restore it to its original state. He will work with architecture firm Marmol Radzier on the project. The firm worked on the initial build of the house in 2013.
Renovations to Ye's home will likely take over a year.
Belmont noted that Ye's mansion is the most "costly" property in the company's portfolio. There were at least 500 investors involved in the purchase of the mansion, per Realtor.com.
