In a surprising move, Steven “Bo” Belmont has re-listed his Malibu residence, a creation by the renowned architect Tadao Ando, for $39 million—significantly earlier than anticipated. Belmont, founder of Belwood Investments, initially purchased the property from Kanye West for $21 million approximately six months ago, planning to funnel at least $5 million into its restoration.

Belmont’s Ambitious Vision

Belmont expressed excitement about preserving a piece of architectural significance in Malibu, stating, “This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors.” He envisioned the house, once completed, generating a sale price around $40 million.

Current Market Listing

Although construction on the property is ongoing, Belmont feels confident in moving forward with a substantial asking price of $39 million. The listing is managed by prominent real estate agents Jason Oppenheim of The Oppenheim Group and Mauricio Umansky of The Agency.

Background on the Property

Kanye West originally purchased the home for $57.3 million in late 2021 but later gutted it, removing windows, doors, and interior finishes in preparation for a redesign. Following this, he sought to sell the unfinished structure for $53 million before ultimately offloading it to Belmont for $21 million, marking a significant decline in value.

The property, completed in 2013, showcases Ando’s signature brutalist style and was originally built for financier Richard Sachs with the help of architecture firm Marmol Radziner. The house spans over 4,000 square feet, includes four bedrooms and five bathrooms, and features approximately 1,500 square feet of outdoor deck space with views of the Pacific Ocean.

Renovations and Future Plans

Upon acquisition, Belmont noted that the home was lacking plumbing, electrical, HVAC, and interior finishes. Since then, he has made considerable progress, including completing the framing and upgrading the plumbing and electrical systems. The roof has also been redone, and the installation of new windows is pending, with glass sourced from Germany.

Belmont has disclosed to The Wall Street Journal that he plans to continue construction and enhance the residence’s value until he receives an acceptable offer. If current interest does not meet his standards, he is open to relisting the property at a higher price point, estimating its final value could exceed $50 million after further renovations.

Market Interest and Dynamics

Despite being in a state of renovation, there is notable interest in the property, including unsolicited offers of $30 million from a developer and $28 million from a local builder—both of which Belmont has declined. He assures that numerous inquiries have been made, indicating a robust market response.

Architectural Significance

As one of the few U.S. buildings designed by Tadao Ando, often referred to as “Hollywood’s favorite starchitect,” the house holds significant allure within the luxury market. Similar properties along the Malibu coast typically sell for around $20 million; however, Ando’s architectural pedigree elevates this home’s status and investment potential.

Related Notable Sales

In recent years, Malibu has seen significant transactions involving Ando-designed properties. Jay-Z and Beyoncé’s acquisition of an Ando estate for $190 million stands as one of the highest recorded sales in California history. Meanwhile, other high-profile buyers, including Kim Kardashian, are pursuing Ando projects, underscoring the architect’s demand among the ultra-wealthy.

West’s Real Estate Moves

Following his sale of the Malibu residence, Kanye West invested $35 million in a contemporary mansion designed by Richard Landry, further highlighting the dynamics of luxury real estate. His previous properties, however, like the one in Calabasas, have fallen into disrepair, contrasting with the burgeoning list of high-value acquisitions by his contemporaries.