Developers Steven "Bo" Belmont and Andrew Mazzella became embroiled in a dispute after Belmont purchased Kanye West's Malibu beach house for $21 million and later agreed to resell it. Belmont agreed to sell to Mazzella for between $30 million and $34 million, but the deal collapsed when financing could not be secured. Belmont alleges Mazzella was underqualified and unable to obtain funding. Mazzella contends he was not fully informed about extensive restoration costs and necessary work, creating unexpected financial burdens. The property was relisted at $34.9 million amid ongoing disagreements and mutual accusations of being misled.
The purchase and subsequent sale of Kanye West's former Malibu beach house by developers Steven "Bo" Belmont and Andrew Mazzella has taken a contentious turn, leading to a breakdown in their deal. Belmont initially bought the property from West for $21 million and later agreed to sell it to Mazzella for between $30 million and $34 million, but the transaction fell through. The situation has escalated with each party claiming the other misled them on various aspects of the sale.
The property was put back on the market for $34.9 million due to financing issues and disagreements over restoration costs. Belmont accused Mazzella of being underqualified and unable to secure funding, leading to the sale's cancellation. Mazzella claims he was not fully informed about the extensive restoration costs and work needed on the property, causing unforeseen financial challenges.
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