The Malibu Mansion Abandoned by Kanye West Is Hitting the Market Again
The seller, Steven ‘Bo’ Belmont, is asking $39 million for the under-construction project.
3 min
In September 2024, crowdfunding entrepreneur Steven “Bo” Belmont paid $21 million for a Tadao Ando-designed house in Malibu, Calif., that rapper Kanye West had purchased, gutted and abandoned, promising to restore it back to its original state.
Now, with the renovation in full swing, Belmont is putting the beachfront property back on the market for $39 million. If he doesn’t find an appealing offer, he’ll list the property for between $55 million and $65 million closer to completion, he said.
Belmont is continuing with construction, and expects the project to be done in early 2026. But he would make as much money for his investors selling now versus when the project is finished, since the carrying costs on the property are about $1 million a month.
And he is eager to sell quickly. “The minute I start going over a year of hold time, it lowers my average return on investment,” he said. “And my number one goal with my business is to take care of my investors.”
Belmont has received several unsolicited offers for the four-bedroom home over the last few months, including a $30 million overture from a Montana developer and a $28 million offer from a local builder. “I’m obviously not going to take that,” he said, “but there’s been a lot of activity.”
The roughly 4,000-square-foot house was designed more than decade ago by Ando, a Pritzker Prize-winning Japanese architect with a celebrity following, for financier Richard Sachs. West, who now goes by Ye, paid $57.3 million to buy it from Sachs in 2021, then gutted the house with plans to turn it into a beachfront bunker, according to a lawsuit from one of his contractors.
As he proceeded with the project, West made headlines for erratic behavior and antisemitic comments, and brands such as Gap and Adidas cut ties with him. He listed the property for $53 million in December 2023.
When Belmont bought it, the house had no windows, bathrooms or electricity, and was completely exposed to wind and sea spray from the Pacific Ocean. To fund the restoration, Belmont’s crowdfunding company, Belwood Investments, raised millions from investors who chipped in as little as $1,000 to north of $1 million.
Since then, he has done all the framing, installed new plumbing and electrical systems and redone the roof, he said. The glass for the windows hasn’t yet arrived from Germany; it is expected to be installed by the end of the summer, according to Belmont. He estimated the total cost of the project, which is being overseen by architecture firm Marmol Radziner, at around $8.5 million.
Buying early would allow the new owner to make some aesthetic decisions about the home, said Jason Oppenheim of the Oppenheim Group, one of the listing agents. “This house is like a Picasso,” he said. “This is almost like allowing the buyer to pick the frame.”
Malibu Road, where the property is located, wasn’t impacted by the L.A. wildfires earlier this year, but parts of the larger Malibu area were wiped out. Buyers right now are nervous about insurance and the pace of rebuilding, Belmont said, but he still expects long-term demand for Malibu homes. He noted that the hulking concrete structure would be impossible to burn.
The fires were “a horrible thing,” Belmont said, “but to be quite frank, there’s no inventory to buy on the Pacific Coast Highway, so it really bolstered our value.”
Belmont is eager to distance the Ando home from its association with West. “What I don’t want is that type of reckless publicity to be correlated with this piece of art,” he said. “It doesn’t need that type of stigma. It needs to be really showcased for what it truly is—an Ando.”
Ando has famously designed only a few residences for select clients. Beyoncé and Jay-Z paid $190 million in 2023 for a Malibu mansion he designed. Their home is known as the “Big Ando,” compared with Belmont’s “Little Ando.”
Oppenheim stars on the Netflix reality TV show “Selling Sunset,” and episodes for a coming season have been filmed at the house, Belmont said.
Belmont said he has already submitted an offer on another high-profile celebrity home, the property of embattled rapper P. Diddy . He said he submitted an offer of around $30 million for the home, which had been listed for $61.5 million, but it was declined. He has since lowered his offer to $27.5 million.
Belmont started Belwood in 2018. Previously, he served three years in prison after a 2014 conviction for assault with a deadly weapon in connection with allegedly hitting a man with a pitchfork during an altercation.
Oppenheim is co-listing the property with Mauricio Umansky from The Agency.
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A five-bedroom Palo Alto home designed by Steven Ehrlich is listed for $44 million, making it the city’s most expensive listing. Built around a dramatic concrete spine, the home features four courtyards and a pool.
3 min
For years, tech entrepreneur Asher Waldfogel and his wife, Helyn MacLean, dreamed of building a modern house in Palo Alto, Calif.
The couple, however, worried about clashing with the Mediterranean-style architecture typically associated with their neighborhood of Old Palo Alto.
So they tapped architect Steven Ehrlich to create a design that paid homage to its surroundings with stucco, mahogany and titanium zinc cladding. They spent $20 million over several years building the house, completed in 2005.
Now looking to be closer to their adult daughter on the East Coast, they are putting the five-bedroom home on the market for $44 million—the most expensive listing in Palo Alto.
Waldfogel is an angel investor who co-founded Redback Networks, a telecommunications-equipment company. MacLean previously had a career in fundraising.
The couple purchased the roughly 0.4-acre site for $7.1 million in 2000 and demolished a circa-1930s Spanish Colonial home. The house they built pinwheels around a central staircase. It has 7,900 square feet of livable space, with four distinct courtyards and a pool.
A key feature of the home is a cast-in-place concrete wall, or spine, that is two stories high and about 80 feet long. “There’s a little bit of controlled chaos in what comes out of the form,” unlike a perfectly uniform surface, Waldfogel said. “If you want that, you do it in plastic.”
Waldfogel said he and his wife are thinking about the next phase of life now that their daughter is grown, although they have not decided where they will move. They also have a home in Sun Valley, Idaho.
“Right now we’re just trying to emotionally let go and decide what to do next,” he said.
Palo Alto, an epicenter of venture capital and tech startups in Silicon Valley, is home to some of the country’s biggest tech titans. Sales volume and prices are rising, with a median sale price of $3.5 million for the three months ending in August, up 5.8% year-over-year, according to real-estate brokerage Redfin.
Arthur Sharif of Sotheby’s International Realty—San Francisco Brokerage has the listing.
The grand harbourside residence combines sweeping Sydney Heads views, resort-style entertaining and refined designer finishes with a reported $36 million price guide.
An opulent Ryde home, packed with cinema, pool, sauna and more, is hitting the auction block with a $1 reserve.
