Bo Belmont Of Belwood Investments Acquires Kanye West's Malibu Home For $21 Million
24844 Malibu Road
$21,000,000
$5,222/SF
Building Size
4,021 SF
Asset Type
Single Family
Closing
Aug 22, 2024
AI
The property asset involved in this transaction is a single-family home located at 24844 Malibu Road in the Malibu market. It is under contract for a price of $21,000,000, encompassing a total square footage of 4,021 with a price per square foot of $5,223.
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
- Seller's Representative: Jason Oppenheim - The Oppenheim Group
- Original Asking Price: $53,000,000
- Price Reduction: 60%
- Restoration Costs Estimated: $6,500,000
- Potential Final Value: Exceeding $50,000,000
Belwood Investments, represented by Jean-Baptiste Rugiero, has entered into a contract to purchase the property from seller Kanye West, represented by Jason Oppenheim. The deal involves plans to restore the home to its original design by Tadao Ando.
Players
Malibu Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93