Kanye West’s former Malibu home is dealing with foreclosures | Real Estate Market Insights

Kanye West tore aside his former Malibu mansion in preparation for doomsday — and a sequence of calamities have struck the high-profile home ever since. 

The troubled seaside manse is dealing with foreclosures, Realtor.com reported. Its current proprietor, Belwood Investments, allegedly owes its lender more than $814,000 in missed funds as of early November.

Belwood is cooking up new plans to show a revenue on the home as a timeshare-like property, backed by cryptocurrency investments. 

A Tadao Ando residence is hard to come back by — and now, this one stands gutted and vacant. BACKGRID

West requested $53 million for his hollowed-out mansion, however in the end bought it to Belwood Investments for $35 million less. GC Images

Steven “Bo” Belmont promised his buyers a payday when he snapped up Little Ando in 2024. Getty Images

The real estate crowdfunding firm, helmed by Steven “Bo” Belmont, bought the Tadao Ando-designed home from West in September 2024 for $21 million. The sale was a shadow of the $57.3 million sum that West, who legally modified his identify to Ye, paid for the more than 4,000-square-foot home in 2021.

The controversial rapper appeared to have deserted the the architectural gem by the end of 2022, leaving the home, generally known as Little Ando, open to the components. West tried to search out a purchaser in early 2024 for $53 million, however was pressured to accept $35 million less.

Belwood initially deliberate to revive the modernist home to its former glory, however a sequence of unsuccessful listings and a failed sale have left the home’s destiny in limbo.

Their lender, Quality Loan Service Corp., served Belmont with a discover of default on a $18.5 million mortgage in early November, according to county paperwork. The lender alleged Belmont’s company was behind on roughly $814,623 in funds.

An aerial view of the four-bedroom property in October. BACKGRID

Restoration work on the home reportedly halted after it went under contract earlier this 12 months. BACKGRID

Belmont has 90 days from the discover to catch up on his funds or risk foreclosures, Realtor.com reported. 

Belmont told The Post he anticipates a decision soon.

“The goal has been, and will continue to be, to renovate and sell the home,” Belmont said in an e mail. “There have been some delays, but overall, we are still aligned.”

Belmont, alongside a number of companions, lately launched Populis, a non-public membership program that sells investment alternatives in architecturally important real estate. Populis members should purchase a stake in Little Ando by way of SmartDeeds, that are described as blockchain-secured membership passes. Membership tiers start at just $1,000.

Populis guarantees buyers entry to the property through guided excursions, structure briefings and networking occasions. Its highest membership tier, at $300,000, advertises non-public property classes and half-day hosted experiences at the home. 

Listing agent Timothy Di Prizito, of Christie’s International Real Estate, told Realtor.com that the foreclosures would severely halt progress with Populis program.

Tadao Ando has designed only a handful of extremely valued US residences. Getty Images

The home in its unique state, home windows and all. Diggzy/Jesal/Shutterstock

The SmartDeeds web site at present predicts the renovation work will take 12 to 14 months to finish, predicting its “after repair value” to be $57.5 million.

A high-tech timeshare wasn’t always the plan. 

Belwood relisted the home, half-restored, for $39 million in March, hoping to make an early revenue for its buyers. The firm has already spent hundreds of thousands undoing West’s harm. 

After West bought the home, he went about a radical plan to show it into a private, off-the-grid bunker, disconnecting it from electrical, plumbing, home windows and all inside finishes. 

It seems the terrace has been used as an artwork studio lately. BACKGRID

The firm’s months of work reportedly included new plumbing and electrical, redoing the roof, finishing framing and ordering glass home windows from Germany. 

After a subsequent price cut, Belwood Investments appeared to have discovered a purchaser in developer Andrew Mazzella’s investor group. That deal fell through this summer with a flood of accusations on either side. Belmont alleged Mazzella was unqualified for the huge deal and unable to acquire financing despite extensions, while Mazzella accused Belmont of deceptive him about restoration prices.

There are only a handful of residences designed by Ando, a Pritzker Prize-winning architect who hails from Japan, in the United States. A bigger design, generally known as Big Ando, was purchased by Jay-Z and Beyonce in 2023 for a record-setting $200 million. 

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