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.
5 Comments
Without knowing the size, I think 5m is too little to get this to a decent stage, windows only should cost you close to 500k.
No chance this can be done for $5M and in any way resemble the Ando design
How much you want to be the floors are going to get covered in grey vinyl?
Bet*
Just curious. How much value does the house have if left as is? Someone will like it, and if that someone has lots of money—
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