Kanye West’s Abandoned Malibu Home Contracts for $30 Million

In a swift turn of events, the iconic beachfront property abandoned by rapper Kanye West has entered into contract for around $30 million—just days after being listed. According to a report from The Wall Street Journal, the property, designed by renowned architect Tadao Ando, is being acquired by Andrew Mazzella, a luxury home developer primarily focused on projects in Montana.

A Glimpse into the Property’s Background

This unique 4,000-square-foot residence has a tumultuous history. West purchased the estate for a staggering $57.3 million in 2021. After carrying out extensive renovations, he ultimately left the project unfinished. In 2023, he sold the property to Belwood Investments for just $21 million—taking a considerable financial hit despite his billionaire status.

Renovation Plans and Future Listings

Steven “Bo” Belmont, the head of Belwood, began an $8.5 million renovation aimed at restoring the home to its former glory. However, he too opted to put the property back on the market shortly after, initially listing it at $39 million. The eventual sale to Mazzella came with a contract price reported to be between $30 million and $34 million, as confirmed by Belmont and Mazzella.

Mazzella’s Vision for the Home

Mazzella expressed his ambition through the following statement, “California and L.A., specifically Malibu, is the highest level there is and I’ve always wanted to get to the highest level. This is me kicking down the door.” To finance the purchase, he is actively seeking investments from third-party sources. Mazzella has plans to relocate to Malibu for the remainder of the year to oversee the renovations, after which he intends to relist the property at an anticipated price of $55 million to $65 million.

Restoration Challenges Ahead

While Belmont has made some improvements—such as installing a new roof and updating the plumbing and electrical systems—significant challenges remain. The home lost its doors, windows, and interior finishes during West’s ownership, necessitating extensive work before it can become a desirable move-in-ready property.

Future Representation in Real Estate

Mazzella is represented in the transaction by Amanda Lynn of Nest Seekers International. The Ando-designed property was listed by notable agents Jason Oppenheim of the Oppenheim Group and Mauricio Umansky of The Agency. As this story continues to develop, the Malibu estate finds itself at the center of a fascinating narrative, reflecting both the allure of luxury real estate and the complexities of renovation in high-profile situations.