facebook
Traded Co logo
Submit

Bo Belmont Of Belwood Investments Purchases Malibu Home From Kanye West For $21M

Property Image
SOLD
$21,000,000

California

See Similar Deals
8,041 SF
Sold 09/04/2024
the dealdetailscomps
Property Image
SOLD

Bo Belmont Of Belwood Investments Purchases Malibu Home From Kanye West For $21M

24844 Malibu Road

See Similar Deals
8,041 SF
Sold 09/04/2024
the dealdetailscomps

Summary

CALIFORNIA
Price Per Square Foot:$2,611
Total Square Footage:8,041 SF
Transaction Type:Sale

The property asset involved in the transaction is a single-family home located at 24844 Malibu Road in Malibu, with a sale price of $21,000,000. The home spans 4,021 square feet and was sold by the artist Kanye West, who originally purchased it for $57.25 million in 2021. The property underwent extensive renovations, resulting in it being completely gutted with no plumbing or electricity.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $21,000,000
  • Buyer: Bo Belmont - Belwood Investments
  • Seller: Kanye West
  • Buyer's Representative: Jean-Baptiste Rugiero - The Agency
  • Broker: Jason Oppenheim - The Oppenheim Group
  • Lender: Dallas Tessar - CV3 Financial Services
  • Sale Price: $21,000,000
  • Square Footage: 4,021
  • Price Per Square Foot: $5,222

Belwood Investments, under the leadership of Bo Belmont, intends to restore the property to its original condition with an investment of $6 million and has rehired the original general contractor/architect. To finance this, Belmont secured an acquisition loan of $18.5 million from CV3 Financial, allowing for a strategic investment in the property aimed at relisting it for approximately $40 million.

Details

SOLD
IMAGE: Dallas Tessar, Bo Belmont, Kanye West, Jason Oppenheim, Jean-Baptiste Rugiero DATE: 9/03/2024 ADDRESS: 24844 Malibu Road MARKET: Malibu ASSET TYPE: Single Family BUYER: Bo Belmont (@BelwoodBo) - Belwood Investments (@BelwoodInvestments) SELLER: Kanye West BUYER'S REP: Jean-Baptiste Rugiero (@JBRugiero) - The Agency (@TheAgencyRE) BROKER: Jason Oppenheim (@JasonOppenheim) - The Oppenheim Group (@TheOppenheimGroup) LENDER: Dallas Tessar (@DallasTessar) ([email protected]) - CV3 Financial Services (@CV3Financial) SALE PRICE: $21,000,000 SF: 4,021 ~ PPSF: $5,222 NOTE: Kanye West sold his Tadao Ando-designed Malibu home for $21 million, taking a substantial $36 million loss from his original $57.25 million purchase in 2021. West's renovations left the property completely gutted, with no plumbing or electricity, reportedly in an attempt to transform it into a modernist bomb shelter. Belwood Investments, a real estate crowdfunding firm, has rehired the original general contractor/architect and plans to invest $6 million to restore the property to its original condition before relisting it for around $40 million. Bo Belmont secured an acquisition loan from CV3 for $18.5 million, taking advantage of the significantly below-market purchase price. "This is not just a great real estate investment; it's an opportunity to revitalize and preserve an architectural masterpiece by Tadao Ando, ensuring it remains a Malibu landmark," said Belmont.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56