Kanye West's previously gutted Malibu beach house has been sold shortly after relisting for $39 million. The property, acquired by Steve Belmont for $21 million, was marketed while still in semi-completion to optimize profit. The accepted offer is estimated between $30 million and $34 million, promising a 20% return for Belmont's investors. Buyer Andrew Mazzella, a luxury home developer, is committed to completing the restoration, which currently includes upgraded plumbing and electrical systems, as well as a new roof and imported windows.
Disgraced rapper Kanye West's gutted Malibu beach house has found a new buyer for between $30 million and $34 million, just days after relisting at $39 million.
Belmont, who had purchased the home for $21 million and relisted it in a semi-completed state, aims to provide a return of around 20% for investors.
Mazzella’s investment group plans to complete the restoration of the property, which Kanye West had completely gutted during his plans for a modernist bomb shelter.
Efforts by the previous owner have resulted in installations of new plumbing and electrical systems, along with a new roof and window orders from Germany.
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