Deal for Kanye West’s Former Malibu Home Falls Apart Amid Developer Dispute
Months after developers announced a multimillion-dollar sale of Kanye West’s gutted Malibu beach house, the deal has unraveled, leaving both sides trading accusations as the property returns to the market.
Belwood Investments CEO Steven “Bo” Belmont purchased the Tadao Ando–designed residence from West in 2024 for $21 million, far below the rapper’s original $53 million asking price after the estate had been gutted by West. By March of this year, Belmont relisted the partially restored property for $39 million and said he had reached an agreement to sell it to Montana developer Andrew Mazzella for between $30 million and $34 million. Both sides publicly projected a May closing.
Instead, the listing lingered before being reintroduced this month at $34.9 million, as reported by Realtor.com. Belmont now insists Mazzella could not secure financing and attempted to lower his offer to $19.5 million. “I was born at night, but not last night,” Belmont told The Wall Street Journal, saying he regretted not vetting the buyer more thoroughly.
Mazzella rejected that characterization, claiming he offered $27.5 million in cash but only later learned of the extensive and costly repairs needed to make the stripped-down property livable. He said Belmont stopped restoration work in April, leaving him to uncover mounting expenses through “a slow trickle of information.”
The dispute has since spilled into public view. Belwood accused Mazzella on Instagram of spreading a “false narrative” after failing to fund the purchase, while Mazzella has maintained he still hopes to complete the transaction.
West originally bought the oceanfront home in 2021 for $57.3 million and removed the plumbing, electricity, windows, and interiors of the home. Belmont promised a $5 million restoration after acquiring it, and Belwood has said some improvements are underway, including new roofing, plumbing, and electrical systems.
