By Carolyn Manrique
Aug 29, 2024, 11:31 AM EDT
Earlier this month, it was reported that rapper Kanye West had found a buyer for his controversial mansion in Malibu, California. The property went into escrow at the end of July.
New information about the transaction was recently shared. It is known that the buyer of the place was Belwood Investments, a real estate company specializing in financing. This means that they will surely do everything possible to recover the property that was originally designed by renowned Japanese architect Tadao Ando.
The sale reportedly closed for $21 million, much less than the $57 million Kaye West paid for the place in 2021. It should be remembered that the rapper started a renovation that was never completed and then left the property in total abandonment.
It was not easy for West and his real estate team to sell the residence, so they went in and out of the real estate market looking for a buyer. In December of last year the property was available for $53 million, but the lack of interested parties caused its price to be lowered. Shortly before the sale of the property was confirmed it was available for $39 million.
Belwood Investments shared a statement with several media outlets expressing their happiness about the new purchase. “This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando, ensuring that it remains a Malibu gem.”
The statement continued: “This acquisition exemplifies Belwood Investments’ commitment to transforming historically and architecturally significant properties while delivering exceptional returns for our investors.”
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