Steven “Bo” Belmont Lists Tadao Ando-Designed Malibu Home for $39 Million

After acquiring a unique architectural gem just six months ago, Steven “Bo” Belmont is back on the market with the Tadao Ando-designed Malibu residence once owned by Kanye West. Belmont, who operates Belwood Investments, a California-based real estate crowdfunding firm, purchased the unfinished home for $21 million and initially aimed to invest $5 million in renovations before relisting it at a projected price of $40 million.

Restoration Plans for an Architectural Treasure

Upon acquiring the property, Belmont described it as an exceptional opportunity to restore a work by the acclaimed architect Tadao Ando, emphasizing the commitment of Belwood Investments to revitalize architecturally significant structures that promise remarkable returns for investors. Nonetheless, plans have rapidly changed, as Belmont has decided to put the property on the market sooner than anticipated.

Current Market Position

The property is currently listed for $39 million, with Jason Oppenheim of The Oppenheim Group and Mauricio Umansky of The Agency representing the listing. While the listing price is significantly below the anticipated value post-renovation, Belmont is actively seeking a buyer before completing the extensive restoration.

A Look Back at the Property’s Journey

Kanye West originally acquired the home for $57.3 million in 2021 but embarked on a controversial remodeling journey that included removing all windows and doors. His plans eventually fell through, resulting in him selling it at a dramatic loss of $36 million to Belmont.

Architectural Details and Condition

Originally designed for financier and art collector Richard Sachs, the brutalist structure was completed in 2013 and showcases the unique design elements characteristic of Ando’s work. Utilizing 1,200 tons of concrete and 200 tons of reinforced steel, the residence features four bedrooms and five bathrooms spread over 4,000 square feet, complemented by approximately 1,500 square feet of outdoor decks with breathtaking ocean views.

Construction Progress and Future Plans

Belmont has already made substantial improvements, including new framing, plumbing, electrical systems, and a renovated roof. With glass for the windows awaiting delivery from Germany, he intends to continue work on the mansion and plans to hold out for a more favorable offer. Previous unsolicited offers of $30 million and $28 million were declined, with Belmont indicating he might consider listing the property for $55 million to $65 million upon nearing completion, expected by early 2026.

Valuation and Market Dynamics

A broker’s report noted that the property’s eventual value could exceed $50 million once fully restored. This valuation is supported by other recently renovated or newly constructed homes in the same area, which typically command around $20 million. The residence is particularly desirable due to its association with Tadao Ando, who has built a reputation as a leading architect, especially within the luxury market.

Trends in Celebrity Real Estate

The Malibu market has seen significant transactions involving properties designed by Ando. Recently, Jay-Z and Beyoncé purchased a larger estate for $190 million, while Kim Kardashian is in the planning stages for a vacation home created by the same architect. Such interest underscores the desire for exclusive architectural works among high-profile buyers.

Conclusion

Belmont’s decision to relist this iconic Malibu home marks a notable moment in high-end real estate, reflecting broader trends in luxury properties and architectural appreciation. As the search for potential buyers continues, the fate of this designer masterpiece remains intriguing in the ever-evolving California real estate landscape.