Developer Turns to Blockchain Investment While Working to Cure Default on Malibu Home
Malibu’s oceanfront real estate market is drawing renewed attention as the former home of Kanye West begins its conversion into a membership-based property backed by cryptocurrency investments.
The residence at 24844 Malibu Road, designed by renowned architect Tadao Ando, was purchased last September by Belwood Investments CEO Steven “Bo” Belmont for $21 million after West stripped the interior down to its structural shell. Belmont is now promoting the 4,000-square-foot waterfront home through Populis, a new club that offers members what it calls “partial economic ownership” in high-profile properties, according to Realtor.com.
Memberships, marketed toward affluent architecture enthusiasts, allow participants to invest up to $30,000 in the Malibu property through SmartDeeds, described by Populis as blockchain-secured passes. The venture features multiple tiers, including $1,000 gold, $10,000 platinum, and $100,000 diamond memberships, as well as a $300,000 invitation-only founders’ circle offering benefits such as concierge scheduling, curated dinners, and up to four annual stays.
Belmont founded Populis with Alexandra Damsker and Matthew Hintz, describing the effort as a way to “democratize access to premium real estate investments” by crowdfunding architecturally significant homes and turning them into members-only destinations.
The relaunch of the property comes at a challenging financial moment for Belwood Investments. Days before the listing went public, Belmont was served with a notice of default on an $18.5 million mortgage tied to the home. The lender, Quality Loan Service Corp., alleges the company was behind on payments by nearly $815,000 as of early November. Listing agent Timothy Di Prizito of Christie’s International Real Estate Southern California said Belmont is working to resolve the delinquency to avoid foreclosure.
Belmont initially offered the unfinished Ando-designed home for $39 million in August, later reducing the price to $34.9 million, well below the $57.3 million West paid in 2021 before dismantling the interior, leaving no plumbing, electrical systems, windows, or finishes.
Christie’s International Real Estate SoCal currently lists the property for $12 million, though the Populis offering structure means traditional listing details do not fully reflect Belmont’s membership-based business model.
