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24844 Malibu Road, Malibu, CA. Photo courtesy of Belwood Investments
An upstart California property investment venture named Belwood Investments has announced the signing of a purchasing agreement for the Malibu home Tadao Ando designed for Richard Sachs (and later purchased by Kanye West) in 2013. News of the announcement was made public on Monday after the home was placed on the market for a discounted price of $39 million this spring. In a press release, the firm states the deal was made for under $22 million.
The rapper-cum-fashion mogul’s devastating handiwork might otherwise be an obvious drawback. However, the firm, which promotes a crowdsourcing model of ownership, says it plans on spending $5 million to restore its interiors to their original state (the home was worth $75 million when it was constructed). The renovation is expected to take between 12 and 16 months, according to their announcement.