Here’s why the deal for Kanye’s former home fell through
The former beachfront Malibu home of Kanye West is back in the news.
The half-destroyed architectural gem, known as “Little Ando,” returned to the market this month for $34.9 million — a shadow of its original value — after an in-contract deal fell apart.
Details from both sides of the doomed deal recently came to light in the Wall Street Journal.
The troubled rapper infamously gutted the rare Tadao Ando-designed home down to its concrete slabs before selling at an extreme discount in 2024. The hollowed-out home’s buyer, Belwood Investments, planned a lucrative flip.
Belmont announced plans for a roughly $8.5 million restoration project and began installing new framing, plumbing, roofing and electrical work.
Little Ando reappeared in March partially restored and on sale for $39 million. It seemed that Belwood’s investors, which crowdfunded its purchase with contributions ranging from $1,000 to $1 million, were headed for an early payday.
Belwood found a buyer in developer Andrew Mazzella. The then Montana-based developer entered into a contract to reportedly pay $30 million cash for the mansion. It was one of Mazzella’s priciest residential deals ever, according to the Journal.
When the Malibu manse reappeared on the market this month, it was clear the deal had fallen through.
In a conversation with The Post, Belwood Investments founder Bo Belmont alleged Mazzella was wholly unprepared for such a large deal and unable to obtain financing despite extensions. Belmont also contradicted Mazzella’s version of events detailed in the Journal. He followed the outlet’s recent coverage with an Instagram post, sharing alleged screenshots of the businessmen’s exchanges.
Mazzella told The Post in an email that “there isn’t much new to comment on yet,” but added that “trying to insult someone by calling them a cowboy is about the most un-American thing I have ever heard!” — referring to Belmont previously calling him “a cowboy from Montana” who is “trying to do something in Malibu.”
Mazzella previously told the Journal he discovered “hundreds of thousands, maybe millions” of dollars in unexpected restoration costs through a “slow trickle of information over the last four months.”
Mazzella reportedly made two revised offers for the property, one for $19.5 million and another for $27.5 million in cash, both of which Belmont declined. Belmont informed the developer that he was cancelling their contract earlier this month.
Belmont told The Post that he has begun to pursue legal action against Mazzella.
The 4,000-square-foot home was originally designed by starchitect Ando for the financier Richard Sachs. West acquired the home for $57.25 million in 2021 amid his divorce from Kim Kardashian. He made headlines for his controversial tear-down project, reportedly planning to turn it into his “bat cave,” and “bomb shelter.”
West listed the severely devalued home for $53 million in late 2023. The abandoned shell sat open to the elements until Belwood Investments snapped it up the in August 2024 for less than $22 million.
Credit to Nypost AND Peoples
