MALIBU—As of June 17, the former home of rapper, songwriter, and record producer, Kanye West is slated for foreclosure. The 4,000 square-foot structure located at 24844 Malibu Road, was home to West, his ex-wife, Kim Kardashian, and their children.
In 2021, Kanye purchased the home, designed by Japanese architect, Tadao Ando for $53 million. It was during the divorce proceedings that Kanye was reported to have gutted the home, tearing out all of the wiring, electricity, plumbing, windows…
Multiple reports indicate the founder and CEO of Belwood Investments, Steven “Bo” Belmont, purchased the home for $21 million in 2024.
According to reports, the U.S. Bankruptcy Court for the Central District of California ruled that, “The developer Steven “Bo” Belmont and his crowdfunding firm, Belwood Investments acted in ‘bad faith’ when they filed a last-minute Chapter 11 bankruptcy to halt previous auction dates [Initially scheduled for March 19, 2026]. This decision officially allows the lender, MZ Brokerage, to move forward with the foreclosure sale.”
Belwood Investments reportedly defaulted on $18.5 million loan and is $814,000 behind in payments, referred as a “Failed Flip.” Belmont purchased the shell of a home from West for $21 million with plans to flip it for $50 million.
Multiple reports indicate that Belmont, never intended to let the property go up for auction or into foreclosure. Construction stalled the project. The $39 million property sale was a failed project.
The property now is facing foreclosure, and the buyers could purchase the structure for the amount owed on the defaulted loan. Without other unforeseen expenses, it could sell for as low as $18.5 million.
