A week after it hit the market, a California mansion formerly owned by rapper and producer Ye, or what’s left of it, sold to an investor.
The beachfront Malibu house was in escrow as of Monday morning, listing agent Jason Oppenheim confirmed. It listed last week for $39 million.
Andrew Mazzella, an investor from Montana, bought the property in cash, according to a news release from seller Belwood Investments. A member of the Belwood team said the sale price was between $30 million and $34 million. The deal is expected to close by May 1.
It’s the latest development in what’s been a years-long saga that began in 2021 when Ye, formerly known as Kanye West, purchased the home for $57.2 million and gutted its interior. That attracted significant media attention, and critique because the home is one of the few private residences designed by famous architect Tadao Ando, known for his minimalist style and use of concrete.
By January 2024, Ye had listed the property for $53 million. In April, that price dropped to $39 million, and in September, it sold to Belwood Investments for $21 million.
Earning a return for real estate investors
Led by founder and CEO Steven "Bo" Belmont, the real estate investment firm that uses crowdfunding to fix and flip properties bought the Malibu property with the goal of restoring it. So far, it has secured the home's original builder for the project, received approved plans and permits from the city, completed electrical work and begun some construction.
It's unclear whether Mazzella plans to stick with the original plans.
When the property hit the market last week, Belwood's chief operating officer said the team had listed the property in hopes of maximizing investor returns and giving the buyer a say in the finishing touches.
“It really allows whoever purchases the home to really be able to put their final touches on it at this stage of the process,” she said. “This is just a really cool opportunity, I would think for someone to snag it at a low price and then be able to put their spin on it.”
Roughly 500 investors contributed to the purchase of the Malibu house, Belmont said in a statement Monday.
"In accepting this strong offer, we're bringing our investors a payday 14 months earlier than expected,” he said. "Our top priority is delivering strong returns to investors as quickly as possible, and this is a win for all."
Oppenheim negotiated the deal alongside Amanda Lynn of Nest Seekers and celebrity real estate consultant Dylan Eckardt. Mauricio Umansky, Jean-Baptiste Rugiero and Mehdi Maamri of The Agency were also involved.