The Tony Malibu home, which Kanye West notoriously made a name for himself before selling it for a million-dollar loss, is on sale again.
The property listed in $39 million is in the middle of renovations as the new owner reverts to the modification options that will turn Ye’s head over. Completed in 2013, the house was designed by Japanese architect Ntadao Ande, who won the Pretzker Prize. Owner Bo Belmont says it will need millions more dollars to return to its former glory.
The fact that the rest of the work and home are part of a community that was devastated by the Palisade fire may seem like two strikes against it. But Belmont doesn’t look like that. The owners of Belwood Investments believe that the Cache in Malibu survived the fire just as the home survived.
Work is underway in the master bedroom and deck of the home, designed by Tadao Ando.
(Myung J. Chun/Los Angeles Times)
Belmont said he and his team completed roughly $2 million worth of renovations on the concrete home and returned to the state before being bought by Ye, who removed windows, doors, electricity and plumbing. Belmont estimates the home will require an additional $6.5 million in work.
But Belmont said he was happy to be able to let go of his fortune right now at a reasonable price.
“We did math. We can sell now, go out the exit and let someone add what they want. …The reality is that it’s the same as the return on investment if they leave now and leave the exit after completion,” Belmont said.
Ron Radziner, who runs the design builder Marmol Radziner, is working on the first construction of the house and is now working to bring the house back to its original appearance. That means you will repeat the concrete walls that have been removed and then replace the removed cabinets and rearrange the removed doors.
“It’s obviously a shame that many homes have been removed and destroyed,” Rajnah said. “But we all feel really fortunate that we’ve been asked to go back and put it back.”
Radziner said only about 20% of reconstructions have been completed so far. He owns a team of about 40 people every day. He said that the most unsettling behavior you are doing is removal of concrete walls.
“It’s hard to understand what forces those works to come out,” he said.
Project Manager Katerina Salonikidi, left, and Foreman Sergio Marin of design company Marmol Radziner.
(Myung J. Chun/Los Angeles Times)
Even though renovations are still in the early stages, offers for property have begun, Belmont said, but so far it has fallen below the price for under $39 million. Belmont believes there is a renewed interest in Malibu’s property, which survived the Palisade fire.
“It’s made of concrete. It was at the distance of the road in Malibu and was not affected. So there’s a bit of exclusivity that Malibu was lost for a while,” Belmont said. “The reason people go to Malibu is to escape the fuss and busts of paparazzi and Los Angeles
“Now it seems that Malibu is regaining its exclusiveness,” he said. “I think that’s a big reason why we were receiving verbal offers.”
Belmont owns a company that allows people to “micro-invest” in properties, as if they were stocks. When the property is sold, Belmont pays them many investors who held their shares. So Belmont said, he would rather sell the house earlier than later. Belmont told The Times, where 500 investors invested in Malib Roadhouse between $1,000 and $1 million.
The stairs lead to the beach of the house on a stretch on Malibu road that did not affect the Pallisard fire.
(Myung J. Chun/Los Angeles Times)
The four-bedroom beachside estate reportedly was built for former money manager Richard Sax, but was purchased by YE in 2021 for $57 million.
Belmont bought the house from Ye for $21 million and in an interview with the Times in September called some of his decisions about the property “silly.”
Belmont is an entrepreneur with a complex history. He spent three years in jail after being charged with attempted murder in a pitchfork attack in Napa County.
(“I shouldn’t bring pitchfork into a boxing fight,” Belmont told the Times.
Now, Belmont says the fire that devastated Los Angeles is helping the home he is about to sell.
“The fire really strengthened our value and has fully enhanced its appeal for our wealth,” he said.
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