Kanye West’s Gutted Malibu Beach House Back on the Market for $39M—But Is It Worth It?

Kanye West’s Gutted Malibu Beach House Back on the Market for $39M—But Is It Worth It?

Kanye West’s infamous Malibu beach house is back on the market—this time for $39 million. The modernist concrete structure, designed by Pritzker Prize-winning architect Tadao Ando, was purchased by West in 2021 for $57.25 million. But after gutting the home and leaving it exposed to the elements, he ultimately sold it in 2024 for just $21 million to Steve "Bo" Belmont, CEO of Belwood Investments.

Belmont initially vowed to restore the home, estimating a $5 million renovation cost. However, he’s now flipped the script, listing it for $39 million in its unfinished state, with the caveat that “all interior finishes have been removed” and that the new buyer will need to either restore or redesign the interiors.

What’s Happening Now?

Belmont has made some progress, installing new plumbing, electrical, and restoring the roof, but the home remains unlivable. Despite this, he’s already received offers—one for $30 million from a Montana-based developer and another for $28 million from a local builder—but he turned them down, banking on Malibu’s tight inventory and the exclusivity of Ando’s design to push the price higher.

If the home doesn’t sell as-is, Belmont plans to complete renovations and list it in 2026 for between $55 million and $65 million. Carrying costs are reportedly $1 million per month, adding urgency to the sale.

Malibu’s Market and the Impact of Inventory Shortages

Malibu’s luxury market remains strong, with demand outweighing supply—especially after California wildfires destroyed multiple properties along the Pacific Coast Highway. This lack of available high-end homes has helped bolster the value of properties like this one, even in an unfinished state.

But is a $39 million project home really a smart buy? That depends on the buyer’s vision. With Tadao Ando’s original design, oceanfront views, and a prime location, there’s massive potential. However, the cost and time required to finish the project make it a unique challenge.

What This Means for Agents and Investors

This listing is a prime example of how luxury real estate continues to be an opportunity-rich space—especially for agents looking to break into high-end markets. Buyers at this level want exclusivity, customization, and potential for appreciation.

If you’re an agent looking to work with top-tier clients, or an investor interested in high-stakes deals, it’s time to align with a brokerage that gives you the flexibility and support to build your business at the highest level.

Ready to Take Your Real Estate Career to the Next Level?

At REAL, we give agents the tools, training, and commission structures to thrive in competitive markets like Malibu. If you want to grow your business and work with clients at every price point—including luxury buyers—it’s time to make your move.

📲 Join REAL today: www.joinrealusa.com
📩 DM me with questions!
📞 Call or text: 877.622.7789 | 877-6CCR-RTY
📱 WeChat: cc6286285578
🌐 CindyChinRealty.com

📌 Follow for More Real Estate Insights:
🔹 Instagram: @cindychinrealtyintl
🔹 LinkedIn: Cindy Chin
🔹 Facebook: Cindy Chin Realty
🔹 Blog: CindyChinRealty.com/blog