After it was revealed that Kanye West had trouble selling a mansion he owned in Malibu, California, it has now been announced that the property transaction was successfully completed for $21 million dollars.
It should be noted that the singer had to reduce the cost of the mansion in order to be able to sell it, as he had been trying to do so for a long time.
The sale of Kanye West's mansion
Recently, new information was revealed about the property transaction, which was acquired by Belwood Investments, a real estate firm specializing in financing. This suggests that the company will likely make an effort to recover the property originally designed by the famous Japanese architect Tadao Ando.
The sale was finalized at $21 million, a significantly lower amount than the $57 million that Kaye West paid for it in 2021. It is worth noting that the rapper started a renovation that was never completed and then left the property completely abandoned.
For West and his real estate team, selling the residence proved to be complicated, as the property was on the market intermittently while they searched for a buyer. In December of last year, it was listed for $53 million, but due to lack of interest, its price decreased. Shortly before the sale was confirmed, it was available for $39 million.
The plans for the property
Belwood Investments issued a statement to various media outlets expressing their enthusiasm for the acquisition. "It's not just an exceptional real estate investment; it's an opportunity to revitalize and preserve a Tadao Ando architectural gem, ensuring it remains a jewel in Malibu."
“This acquisition exemplifies Belwood Investments’ commitment to transforming properties with historical and architectural significance, while also offering exceptional returns for our investors,” the statement added.