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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Australia’s housing market defies forecasts as prices surge past pandemic-era benchmarks.
First-home incentives can still form part of a long-term investment plan if used strategically.
3 min
Australia’s home prices continue to grow, and while that makes them great investments, they are also some of the most unaffordable in the world.
That’s why first-home buyer schemes such as the First Home Owner Grant, the First Home Guarantee, and stamp duty concessions have become so valuable.
These programs are designed to reduce upfront costs and fast-track people into homeownership.
But the question many aspiring investors are now asking is can these schemes be used as part of an investment strategy? These government initiatives aren’t designed for investors, but they can still play a key role in your long-term investment journey if used strategically.
What the schemes actually allow
Every first-home buyer incentive in Australia is created to support owner-occupiers, not investors.
Whether it’s a cash grant, reduced deposit requirement, or a stamp duty discount, the catch is always the same in that you must live in the property for a set period of time. For example, the First Home Owner Grant often requires you to live in the property for at least six to twelve months, depending on the state.
The First Home Guarantee allows you to purchase with just a 5 per cent deposit without paying lenders’ mortgage insurance, but again, you’re required to live in the property for at least one year.
Likewise, state-based stamp duty concessions are only available for properties intended as a principal place of residence. If your intention from the outset is to buy a property solely for rental income, you won’t be eligible. However, if you’re open to living in the property initially, then transitioning it into an investment, there’s a path forward.
A strategy that works
Rentvesting has emerged as one of the most practical ways for first-time buyers to take advantage of these schemes while also laying the groundwork for a property portfolio.
The concept is simply, buying a property in an area you can afford (using the first-home buyer schemes to assist), live in it for the minimum required period, and then rent it out after fulfilling the occupancy condition.
This approach lets you legally access the benefits of first-home buyer schemes while building equity and entering the market sooner. Instead of waiting years to save a full 20 per cent deposit for an investment property, or getting priced out altogether, you get your foot in the door with reduced upfront costs.
Once you’ve satisfied the live-in requirement, the property can become an income-generating asset and even serve as collateral for your next purchase.
What to look for in a rentvestment property
If you plan to eventually convert the property into an investment, you need to think beyond your short-term living experience. It’s essential to buy a property that performs well both as a home and as a long-term asset.
That means looking at key fundamentals like location, rental demand, and growth potential. Suburbs with strong infrastructure, access to employment hubs, good transport links, and low vacancy rates should be high on your list.
A balanced price-to-rent ratio will help ensure manageable holding costs once the property transitions to an investment.
Established low-density areas often outperform high-rise apartment developments that flood the market with supply and limit capital growth. And ideally, your property should offer scope for future improvements, whether that’s a cosmetic renovation, granny flat addition, or potential to subdivide down the track.
Mistakes to avoid
There are a few common missteps that can undermine this strategy. The first is selling too soon. Some grants and stamp duty concessions include clawback provisions if you offload the property within a short period, which could see you lose the benefits or even owe money back.
It’s also a mistake to let the lure of a government handout sway your purchasing decision. A $10,000 grant doesn’t justify compromising on location, growth prospects, or property fundamentals.
Another pitfall is failing to consider the financial impact once the property becomes an investment. Repayments, tax treatment, and outgoings may change, so it’s important to stress-test your position from day one.
Lastly, beware of buying into oversupplied areas simply because they’re marketed to first-home buyers. Not all new builds are good investments. If hundreds of identical properties are being built nearby, your long-term growth could be seriously limited.
With the right approach, your first home can be the foundation for an entire property portfolio. It starts with using available government support to lower your entry cost.
From there, you occupy the property for the required time, convert it to an investment, and leverage the equity and rental income to fund your next purchase.
Many of the most successful investors today began with a single, strategically chosen property purchased using these exact schemes. By buying well, you can turn your first home into the launchpad for long-term wealth.
Abdullah Nouh is the Founder of Mecca Property Group (MPG), a buyers’ advisory firm specialising in investment opportunities in residential and commercial real estate. In recent years, his team has acquired over $300 million worth of assets for 250+ clients across Australia.
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